Key Highlights
- Pepe (PEPE) price soared 18% in the last 24 hours and now trades at around $0.000004008, with trading volume reaching over $1.1 billion in 24 hours
- The momentum in the memecoin comes from the growth in the trading volume, with bullish sentiment in the crypto market
- Amid the growing tension in the global financial markets, investors are investing money in the crypto market
With the bullish momentum in the crypto market, the Pepe (PEPE) price, one of the leading memecoin, has witnessed a major breakout, in which the cryptocurrency soared above 18%.
The memecoin is currently trading at around $0.000004008, along with a market capitalization of $1.65 billion, according to CoinMarketCap. The daily trading volume has also jumped by over 400% and currently revolves around $1.4 billion. The total circulating supply is around 413.77 trillion.
The sharp daily surge is creating the 7-day increase to around 20% and boosts the 30-day performance back into positive territory once again.
Pepe (PEPE) Skyrockets as Crypto Market Recovers
This surge in the Pepe price comes from strong demand from both everyday traders and larger investors who are accumulating the memecoin amid the recovery in the crypto market.
The bullish momentum in the crypto market is coming from a spike in trading activity on major exchanges. Amid the growing geopolitical tension in the Middle East and liquidity crunch in the stock market, investors are leveraging crypto investment products to diversify their investments amid the adverse market conditions.
In this rally, Pepe has clearly outperformed major memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB), which soared by 5% and 4%, respectively. The additional buying pressure has attracted new participants who are looking for major gains in a market that feels increasingly optimistic overall.
According to CoinMarketCap, the Fear and Greed Index is currently reflecting 45, which shows a neutral state of the crypto market. Some leading technical indicators are showing an overall buy rating. The Relative Strength Index over the 14-day period is revolving around 63. This indicator helps traders to compare recent gains against recent losses and shows healthy buying strength without reaching critical overbought levels that could create a quick correction.
However, the Moving Average Convergence Divergence is still remaining stable, while major moving averages point higher on daily time frames. The price is currently sitting above important support near $0.000003, with the next resistance level around $0.000005.
The daily trading volume is showing steady upward momentum that matches the recent volume increase of more than 50%.
(Source: Alice Crypto on X)
According to Alice Crypto on X, in this breakout, the memecoin could soar by 150%.
Apart from this, macroeconomic factors are also supporting the ongoing bullish momentum. Reducing global interest rates is opening the door for people to invest money from safe savings into riskier assets like cryptocurrencies, instead of keeping it in banks. After floating into the consolidation zone for a long time, the crypto market is gradually recovering.
According to the technical analyst on X, the Pepe breakout will create many new millionaires. This helps memecoins such as Pepe price rise faster than average assets. There are constant positive signals around Bitcoin (BTC), and an overall risk-on mood from investors is giving additional boost for traders to enter the memecoin sector for higher returns.
There are major developments in the Pepe ecosystem that are taking place, along with new exchange listings and improved liquidity on trading platforms.
Also Read: Shiba Inu Price Surges by 4% Amid Altcoin Rally Buzz and Burns
