Meme cryptocurrency PEPE recorded impressive 2.5% gains during the past 24 hours, significantly outperforming the broader memecoin market. The CoinDesk Memecoin Index (CDMEME) showed a 2.24% increase during the same period, indicating PEPE's superior performance.
Technical analysis reveals PEPE's price surged from $0.00000969 to peak at $0.00001027, with trading volumes exceeding 314 billion tokens during a rapid price movement in the final trading hour. The $0.00001000 to $0.00001003 range established strong support, while resistance formed near $0.00001007 - a technical pattern typically indicating sustained accumulation rather than short-term profit-taking.
PEPE's performance also eclipsed the wider cryptocurrency market, with the CoinDesk 20 (CD20) index posting only 1.8% gains over the same 24-hour period.
Whale accumulation data from Nansen reveals substantial buying pressure, with the top 100 PEPE addresses on Ethereum increasing their holdings by 4.28% over the past month. Concurrently, exchange reserves dropped 2.15%, suggesting reduced selling pressure and stronger investor conviction.
Open interest for PEPE futures products continues climbing, reaching approximately $645 million according to CoinGlass data, indicating growing institutional and retail interest in the memecoin.