PEPE Price on the Verge of a 3x Rally: Here Are the Potential High Levels

The post PEPE Price on the Verge of a 3x Rally: Here Are the Potential High Levels appeared first on Coinpedia Fintech News
Leading frog-themed meme coin, Pepe (PEPE), rallied over 17 percent on Tuesday during the early New York session, trading around $0.00000773. The mid-cap meme coin, with a fully diluted valuation of approximately $3.25 billion at the time of this report, experienced a 40 percent surge in trading volume over the past 24 hours.
Why Is Pepe Price Surging?
Following the Bitcoin halving last weekend, investors have been diversifying their crypto investments into speculative assets, particularly meme coins. Market data from Coingecko indicates that the total market cap for top meme coins has increased by approximately 6 percent to about $58.3 billion.
Leading meme coins, including Pepe, Floki, and Bonk, have surged nearly 20 percent.
Meanwhile, Coinbase International announced that its 1000PEPE-PERP market is fully available for trading following its recent listing. This recognition by Coinbase is a significant milestone that will expose the meme coin to a broader global market.

Our 1000PEPE-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. pic.twitter.com/hO32wARVFu— Coinbase International Exchange (@CoinbaseIntExch) April 23, 2024

PEPE Price Rally
Today's spike signals Pepe's price attempting to break out of a recent correction and reach a new all-time high. According to crypto analyst Captain Faibik, PEPE is well-positioned for another 2-3x rally in the coming weeks. Notably, Pepe is already in price discovery mode on the weekly time frame following the bullish breakout earlier this year.

$PEPE #PEPE Looks Pretty Solid for Another 2-3x Bullish Rally. pic.twitter.com/1Y4DRvWLWg— Captain Faibik (@CryptoFaibik) April 23, 2024

However, Pepe's price must consistently close above the daily falling logarithmic trend to invalidate further correction in the near term. Nonetheless, the next crypto market phase will be heavily influenced by Bitcoin's price action, as has been the case in previous major bull cycles.