The meme-inspired cryptocurrency PEPE experienced a significant price surge of over 6% in a 24-hour period, reaching $0.000009627. This rally was accompanied by a substantial increase in trading volumes, which nearly tripled, indicating heightened investor interest. The surge occurred within a generally optimistic cryptocurrency market, as evidenced by the CoinDesk 20 (CD20) index, which gained more than 4.3%, and the CoinDesk Memecoin Index (CDMEME), which increased by nearly 5%.
Data from blockchain analytics firm Nansen revealed that large holders on the Ethereum network have been actively accumulating PEPE over the past 30 days, adding approximately 3.4% to their holdings. Concurrently, exchange wallets have seen a 2% decrease in PEPE holdings, suggesting a movement of tokens into private, long-term storage. This accumulation by major investors is viewed as a strong indicator of confidence and has been cited as a potential catalyst for further price appreciation.
Technical analysis indicates a support level for PEPE near $0.00000900, with resistance identified at the session's high of approximately $0.000009681. The open interest for PEPE futures has also seen a considerable increase, according to CoinGlass, nearing $600 million, which is a new record, signaling growing speculative activity and bullish expectations in the derivatives market.
Launched in 2023, Pepe is a deflationary memecoin inspired by the internet meme character Pepe the Frog. While initially created for entertainment, it has cultivated a substantial community and is listed on various exchanges. However, the inherent volatility and speculative nature of memecoins mean that trading them carries significant risk. However, recent whale activity, expressed as an increase in their share by 1.36% in the last week of September, suggests that large investors consider current levels as attractive entry points.
There is increased attention on PEPE, which has become one of the most discussed cryptocurrencies, surpassing even the trading volumes of native tokens of major exchanges. This indicates a fundamental shift in market perception, where PEPE is transitioning from a speculative memecoin to a serious player, attracting both institutional and retail interest.