Meme cryptocurrency PEPE has experienced a significant price surge of over 6% within 24 hours as traders entered during a breakout rally that nearly tripled trading volumes, according to CoinDesk Research's technical analysis.
The token climbed from $0.000009138 to $0.000009627 during the trading session, with volatility expanding beyond 7%. Trading volume skyrocketed to 5.61 trillion tokens, significantly exceeding the 1.89 trillion daily average, pushing the price through established resistance levels and maintaining above $0.000009600 by the rally's conclusion.
This upward movement occurred alongside broader cryptocurrency market gains. The CoinDesk 20 (CD20) index has increased by more than 4.3% over the same 24-hour period.
Market analysis suggests capital inflows have been directed toward high-risk altcoins like PEPE and speculative presale projects, boosting prices across the memecoin sector. The CoinDesk Memecoin Index (CDMEME) recorded nearly 5% growth during this timeframe.
Nansen data indicates PEPE's price rally follows substantial whale accumulation over the past 30 days. The top 100 non-exchange Ethereum addresses increased their holdings by 3.4%, while exchange wallets decreased PEPE holdings by 2%.
Technical analysis shows support forming near $0.00000900, with resistance developing around the session high of $0.000009681. Price consolidation toward the rally's end may signal potential future movements.
Meanwhile, open interest for PEPE futures products continues rising, currently approaching $600 million according to CoinGlass data.