PEPE Leads Memecoin Rally as Bitcoin Crosses $118K
PEPE, one of the leading meme-based cryptocurrencies, has recorded a sharp 14% price surge within the past 24 hours. This move comes amid a broader crypto market rally, where Bitcoin broke past $118,000, lifting sentiment across altcoins and meme tokens alike.
PEPE jumped from $0.000011141 to $0.000012812, adding renewed interest to the memecoin sector, which is currently outpacing most other segments in crypto.
According to market data, the CoinDesk Memecoin Index (CDMEME) is up 11.3% in the same 24-hour period, outperforming the broader CD20 Index, which gained 7.3%.
Whale Activity Behind PEPE’s Sudden Price Spike
A key driver behind the spike appears to be whale accumulation. Data shows that the top 100 PEPE holders increased their holdings by 2.3% over the past month, signaling growing long-term confidence in the token’s prospects.
In just the last day alone, the top holders added more than 1%, bringing their collective holdings to 304.1 trillion PEPE.
At the same time, exchange reserves have dropped by 2.17%, now holding 252.2 trillion PEPE. This trend suggests that investors are withdrawing tokens from exchanges, possibly to hold in cold wallets — a typical bullish sign indicating reduced sell pressure.
Technical Outlook: Resistance and Support Levels
From a technical perspective, PEPE has been trading within a wide 18% range, with recent lows at $0.000009823 and highs near $0.000013068.
Key technical levels to watch:
- Resistance: $0.000012482
- Support: $0.000011013
The $0.000012482 level has emerged as a significant resistance zone, where the price has repeatedly reversed on high volume, suggesting heavy profit-taking or short-term selling at that range.
However, support near $0.000011013 held firm, with aggressive buying on dips, confirming strong market interest around that price level.
Momentum Building for PEPE?
With whales steadily accumulating and trading volume spiking, PEPE appears to be gaining upward momentum. Combined with bullish macro conditions, such as Bitcoin’s breakout and meme coin enthusiasm returning, PEPE could test higher resistance levels in the short term.
If buying pressure continues, a clean breakout above $0.000012482 could open the door toward new local highs.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.