- Pepe coin surged to $0.000020 amid a Bitcoin-driven rally, with 24-hour trading volumes hitting $1.32 billion and futures open interest peaking at $560 million.
- Economic optimism, including lower U.S. inflation and speculation about pro-crypto policies under the incoming Trump administration, fueled meme coin momentum.
- Technical indicators suggest a bullish breakout for Pepe, with potential to reach its all-time high of $0.00002837 if momentum holds.
Pepe coin’s price saw a sharp surge on Friday, riding the momentum of Bitcoin’s rally, which boosted the overall crypto market cap to a hefty $128 billion.
A Meme Coin on the Rise
Pepe, ranked as the third-largest meme coin, hit $0.000020—its highest in 10 days. This rally unfolded amidst significant trading activity, with 24-hour volumes soaring to $1.32 billion, the highest in a week. Futures open interest also peaked at $560 million, reflecting heightened market participation.
The meme coin rally wasn’t isolated to Pepe. Dogecoin saw a 26% jump, while lesser-known tokens like Dogwifhat and Fartcoin skyrocketed by 20% and 70%, respectively.
What’s Driving the Rally?
The surge seems tied to broader economic developments. The Bureau of Labor Statistics reported a drop in the core Consumer Price Index to 3.2%, sparking optimism across financial markets. Lower bond yields encouraged risk-on sentiment, lifting crypto and equities alike.
Pepe and other meme coins also benefited from speculation around the incoming Trump administration. Reports hinted at prioritizing American crypto projects for strategic reserves, a move that could significantly boost sentiment for meme coins alongside Bitcoin.
Bitcoin itself surged to $104,000 in anticipation of Trump’s inauguration, potentially reaching new all-time highs of $108,000 or even $110,000. If this momentum continues, Pepe and similar tokens might follow suit, climbing even higher.
Technical Analysis: Bullish Signals
Pepe’s daily chart reveals strong recovery momentum, starting with a hammer candlestick formation earlier in the week. The token remains above its 100-day moving average and has formed a falling wedge pattern, a classic bullish reversal indicator.
If Pepe breaks out from the wedge, it could target its all-time high of $0.00002837. This level represents a significant milestone and underscores the token’s potential for further growth.
For now, all eyes are on Pepe as it consolidates above key support levels, with the market anticipating another breakout. Whether this rally sustains depends on both market sentiment and broader economic factors shaping the crypto landscape.
