Pepe price forms bullish patterns as traders eye a breakout

Pepe Price Surges, Outperforming Memecoin Rivals

On Wednesday, Pepe (PEPE) soared by 8.2%, hitting a high of $0.00001308—its peak since June 26th.

Volume Surge and Open Interest Increase

Pepe's rally was accompanied by high trading volume, reaching $1.6 billion in the past 24 hours. This surpasses the combined volume of Dogecoin and Shiba Inu.

Open interest in Pepe futures also reached its highest level since June 7th, exceeding $155 million.

Whale Accumulation and Holder Growth

Data indicates that whales have been accumulating Pepe tokens, contributing to the sustained rise of over 72% from its monthly low. Etherscan data shows a continuous increase in Pepe holders, reaching over 264,000 on Wednesday.

Bullish Market Sentiment and Patterns

The rise in Pepe's value may be attributed to the shift towards "greed" in the crypto market following the Ethereum ETF approval. Meme coins tend to perform well in such market conditions.

Analysts' Bullish Outlook

Crypto analysts have observed bullish patterns in Pepe's price chart, including an inverse head and shoulders formation and a bullish flag pattern.

Outperforming Rival Memecoins

Since 2023, Pepe has been one of the top-performing cryptocurrencies, surging by almost 800% in the past year—outpacing Dogecoin, Shiba Inu, and Ethereum.

Competition from Solana Memecoins

However, Pepe faces stiff competition from Solana-based meme coins like Dogwifhat, Popcat, and Cat in a dogs world.