TLDR
- Pepe (PEPE) saw a significant increase in trading volume, up 62% in 24 hours
- PEPE’s price rose by 5.61% to $0.000009454, with its market cap reaching $3.98 billion
- Venture Capital firm Nascent bought 141 billion PEPE tokens worth $1.57 million
- Other meme coins like WIF, FLOKI, and MOG also posted double-digit gains
- The overall meme coin sector is up more than 12% following the market recovery
The meme coin market is experiencing a significant resurgence, with Pepe (PEPE) leading the charge. PEPE saw its 24-hour trading volume skyrocket by 62%, reaching $846.23 million.
This surge in activity has been accompanied by a price increase of 5.61%, bringing PEPE to $0.000009454 as of the latest data.
PEPE’s market capitalization has also seen a substantial boost, rising 5.59% to $3.98 billion. This growth has solidified PEPE’s position as the 25th largest cryptocurrency by market cap.
Technical indicators suggest a bullish trend for PEPE. The token is trading above its 200-day Simple Moving Average (SMA), which typically indicates a positive long-term outlook. Additionally, PEPE’s Relative Strength Index (RSI) stands at 44.9, within the 40-50 range that often serves as a support zone in bull markets.
A significant development driving PEPE’s momentum is the large-scale acquisition by Venture Capital firm Nascent. The firm swapped 1,215 MKR tokens (worth $3.41 million) for 141.23 billion PEPE tokens (valued at $1.57 million) and 281,000 LDO tokens (worth $503,000). This move brings Nascent’s total PEPE holdings to 608.85 billion tokens, worth approximately $7.49 million.
Other meme coins are also experiencing substantial gains. dogwifhat (WIF) and FLOKI both saw increases of over 20% in the past 24 hours, with their weekly gains reaching 24% and 27% respectively. MOG, another meme coin, rallied over 20% to reach a new all-time high, driven in part by increased whale activity.
These individual token performances have contributed to an overall uplift in the meme coin sector, which has risen nearly 13% in the past 24 hours. This resurgence comes as a welcome change for investors following the recent market-wide correction that saw many cryptocurrencies, including meme coins, struggle with declining prices.
The derivatives market for PEPE also shows signs of increased investor interest. PEPE’s futures open interest surged 23.19% to $144.78 million, while derivatives volume skyrocketed 178.66% to $3.24 billion. These figures suggest growing speculative interest in PEPE’s future price movements.
