PEPE Rallies 22% to Hit New ATH: Details

Cover image via U.Today

PEPE, the frog-themed meme coin project, is eclipsing all rivals on the market, having recently surpassed its all-time-high (ATH) price. At the time of writing, PEPE is showcasing a 22.41% surge in the past 24 hours, reaching $0.00001356. This current outlook is a slight backtrack from the recent ATH of $0.00001422 registered a few hours ago.

PEPE is a major beneficiary of the current bull market cycle. An X-ray of its growth reveals a major meme coin outlier aiming to challenge the dominance of both Dogecoin (DOGE) and Shiba Inu (SHIB). In addition to its 24-hour growth, PEPE has soared by another 22.36% in the trailing seven-day period.

Over the past month, PEPE has managed to outperform the market and the average meme coin with a 107% surge to date. With this general outlook, PEPE is now trading well above its 50, 100, and 200-day EMA, underscoring its extremely bullish positioning. PEPE/USDT 1D Chart. Source: TradingView

While the massive rally in the price of PEPE spells a good omen, there might be a reversal moving on to underscore a cool-off period. However, to cushion this possibility, the PEPE community will need to sustain the 71% surge in the trading volume pegged at $4,381,864,123. This equates to roughly 32.9 trillion PEPE exchanged on the market overnight.

When PEPE became popular in early 2023, many had doubts about its longevity, especially as it took a different stance from the dog themes that DOGE and SHIB are known for. Despite the skepticism, PEPE has continued to outperform, becoming the first of the major meme coins to retest its ATH post-crypto winter.

One major hurdle now lies ahead for PEPE, and this involves its lack of a specific utility pivot. Unlike Shiba Inu with Shibarium and BONK's relevance with Solana Mobile, PEPE is still highly speculative despite its recent successes.