by Coinstrooper Crypto Articles
Quick Take
  • Trading activity in the $0.00001000 to $0.00001003 range created a temporary floor, with resistance forming near $0.00001007.
  • This kind of technical setup typically signals accumulation, a sign investors are building positions rather than flipping for quick profits.
  • PEPE’s move also outperforms the wider cryptocurrency market, as measured by the coinDesk 20 (CD20) index, which rose 1.8% in the past 24 hours.
  • The rise appears to also be linked to growing whale accumulation.

What Happened

Trading activity in the $0.00001000 to $0.00001003 range created a temporary floor, with resistance forming near $0.00001007. This kind of technical setup typically signals accumulation, a sign investors are building positions rather than flipping for quick profits.

Market Context

The price jumped from $0.00000969 to a high of $0.00001027, with trading volumes crossing 314 billion tokens during a rapid price move in the final hour of trading, according to CoinDesk Research's technical analysis data model.

PEPE’s move also outperforms the wider cryptocurrency market, as measured by the coinDesk 20 (CD20) index, which rose 1.8% in the past 24 hours.

Open interest for PEPE futures products has meanwhile kept on rising to now stand near the $645 million market according to CoinGlass data.

Why It Matters

Meme-inspired cryptocurrency PEPE surged more than 2.5% in the last 24-hour period, outperforming the memecoin sector as measured by the CoinDesk Memecoin Index (CDMEME), which went up 2.24% in the same period.

The rise appears to also be linked to growing whale accumulation. Data from 0x6982508145454ce325ddbe47a25d4ec3d2311933&chain=ethereum&tab=token-distribution" rel="nofollow noopener noreferrer" target="_blank">Nansen shows that the top 100 PEPE addresses on the Ethereum network have added 4.28% to their holdings over the last 30 days, while exchanges have seen their PEPE holdings lunge 2.15% in the same period.

Details

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.