Pepe hits all-time high, memecoins soar after famous GameStop stock trader ‘returns’

Pepe (PEPE) Surges to New Record High, Surpassing Ethereum Classic

Pepe (PEPE) has reached a new milestone, surpassing the $0.000010 mark for the first time since March 15. Data from Cointelegraph Markets Pro and TradingView indicates a 34% rally over the past 24 hours, setting a record high of $0.00001119 on Binance.

PEPE/USD Daily Chart

Source: TradingView

PEPE's trading volume has skyrocketed by 245% to $1.56 billion, while its market capitalization has soared to $4.31 billion. This surge has propelled PEPE past Ethereum Classic (ETC) to become the 23rd largest cryptocurrency by market value.

Catalyst: Return of "Roaring Kitty"

The resurgence of PEPE coincides with the return of "Roaring Kitty" - Keith Gill's popular social media account on X, which had been inactive since June 2021. On May 12, the account posted an image interpreted as a signal of "locking in," indicating intense focus or concentration.

Source: TheRoaringKitty

Gill played a pivotal role in the 2021 meme stock frenzy, which saw shares of GameStop and AMC Entertainment surge by over 1,000%.

Technical Analysis

PEPE's price has broken above a critical resistance level that has supported it since March. This uptrend is further reinforced by the ascending trendline since mid-April. The relative strength index (RSI) indicates buyer dominance in the market.

PEPE/USD Daily Chart

Source: TradingView

Related Memecoin Rally

The return of Roaring Kitty has sparked a rally in other memecoins. Solana-based GameStop memecoin jumped over 550%, while AMC token surged by 1,200%. Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced gains of 5% and 7%, respectively.

Performance of Top-Cap Memecoins on Return of Roaring Kitty

Source: CoinMarketCap

Impact on Related Stocks

Stocks associated with Gill and other "meme stocks" have also rallied. GME share prices climbed up to 44% in pre-market trading and surged by 110% at market open before trading was halted. Cinema chain AMC Entertainment Holdings rose by 12% in pre-market and by 25% after the Wall Street open.

Source: The Kobeissi Letter

Disclaimer

This article does not provide investment advice or recommendations. All investments and trading involve risk, and readers should conduct their own research before making any decisions.