Pepe

Shiba Inu

Pepe (<a data-ct-non-breakable="null" href="https://cointelegraph.com/pepe-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">PEPE</a>), an Ethereum-based memecoin, has rallied more than 31% in the past week as memecoins recover across the board.
Currently trading <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/pepe/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">at $0.00001</a>076, PEPE has reached to its highest value since Aug. 3, marking a 68% climb from its local low on Sept. 6.
<figure><img alt="Pepe gains 30% in a week as memecoin trading volumes explode" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01923467-e0b8-7130-8b63-2e48eaf71b8d">
 <figcaption style="text-align: center;">
 PEPE/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/J91j2wFt/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.tradingview.com/x/J91j2wFt/">TradingView</a>
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Trading activity has also picked up in tandem with PEPE’s price surge. PEPE’s spot trading volumes topped $1.3 billion on Sept. 27, rising by 35% over the last 24 hours and 316% over the last seven days.&nbsp;
Its market capitalization has also reclaimed the $4 million mark, cementing its position as the third largest memecoin in the world.
It is also the most traded <a data-ct-non-breakable="null" href="https://cointelegraph.com/price-indexes/memecoins" rel="noopener noreferrer nofollow" target="null" text="null" title="null">memecoin</a> on Sept. 27, outpacing Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index#:~:text=The%20asset%20shot%20up%20in,reaching%20%240.74%20on%20May%207." rel="noopener noreferrer nofollow" target="null" text="null" title="null">DOGE</a>) by over $700 million in volume.
Ultimately, after several weeks of sideways price movement, PEPE appears to be regaining its footing.
<h2 id="strong-memecoins-flash-green-across-the-board-strong">Memecoins flash green across the board</h2>
PEPE’s rally on Sept. 27 mirrors <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoins-are-back-wif-rallies-46-in-september" rel="noopener noreferrer nofollow" target="null" text="null" title="null">bullish price movements</a> across the entire entire memecoin sector. Most cryptocurrencies in this sector have posted double-digit gains over the last week. DOGE and Shiba Inu (<a data-ct-non-breakable="null" href="https://cointelegraph.com/shiba-inu-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SHIB</a>), the leading memecoins, have jumped 20.7% and 50% over the last seven days.&nbsp;
Solana-based Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">WIF</a>) has recorded 31% weekly gains, while Base’s Brett (<a data-ct-non-breakable="null" href="https://cointelegraph.com/brett-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BRETT</a>) has rallied 28% over the same period.&nbsp;
<figure><img alt="Pepe gains 30% in a week as memecoin trading volumes explode" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01923468-977c-791f-8dd1-09fd879e41ab">
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 Performance of top-cap memecoins. Source: CoinGecko
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This widespread rally has pushed the total memecoin market value to $53.7 billion, a 34.5% leap in the past week, as per CoinMarketCap data.
<figure><img alt="Pepe gains 30% in a week as memecoin trading volumes explode" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01923469-3eb6-7b31-afff-0c631f2b1c38">
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 Memecoin market cap and volume. Source: CoinMarketCap
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Also, over $8.5 billion in memecoin trading volume was recorded in the past 24 hours alone. The resurgence is driven by investors once again embracing risk-on assets like memecoins.
Data from Alternative, a platform that analyzes “emotions and sentiments” around cryptocurrencies reveals a shit in market sentiments as the Crypto Fear &amp; Greed Index has entered the “greed” zone at 61, up from 30 a month ago when the market was gripped with “fear.”
<figure><img alt="Pepe gains 30% in a week as memecoin trading volumes explode" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01923469-b4aa-79ef-82a9-d6e8b6c45beb">
 <figcaption style="text-align: center;">
 Crypto Fear &amp; Greed Index. Source: Alternative.me
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<h2 id="strong-pepe-breaks-out-of-a-bearish-pattern-strong">PEPE breaks out of a bearish pattern</h2>
On Sept. 20, <a data-ct-non-breakable="null" href="https://cointelegraph.com/market-releases/pepe-rises-over-30-in-a-week-as-pepe-unchained-raises-4m-in-ico" rel="noopener noreferrer nofollow" target="null" text="null" title="null">PEPE’s price </a>broke out of a descending parallel channel, igniting strength that saw it flip the 50-day, 100-day, and 200-day exponential moving averages (EMAs) to support.&nbsp;
“The price of $PEPE broke out of the descending channel,” <a data-ct-non-breakable="null" href="https://x.com/cryptojack/status/1839621347283976462" rel="noopener noreferrer nofollow" target="null" text="null" title="null">declared</a> popular analyst Cryptojack in a Set. 27 X post, adding, “I expect it to continue pumping.”
In the short term, the bulls are likely to continue the rebound toward the major resistance level at $0.00001260.&nbsp;
<figure><img alt="Pepe gains 30% in a week as memecoin trading volumes explode" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0192346a-29f5-7ea2-9524-3e41f2ca2d1a">
 <figcaption style="text-align: center;">
 PEPE/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/Fmqn7jDf/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.tradingview.com/x/Fmqn7jDf/">TradingView</a>
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The sharp rise by the relative strength index and its position at 73 in the overbought region reinforces the buyers’ dominance in the market.&nbsp;
However, the overbought conditions could facilitate profit-taking, occasioning a slight correction before PEPE continues its uptrend.&nbsp;
The most important support zone is found just above the channel’s upper boundary trendline, where all the major EMAs currently sit.&nbsp;
Losing this support confluence could trigger a bearish scenario, with possible downside targets ranging between $0.00000668 and $0.00000596.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Pepe gains 30% in a week as memecoin trading volumes explode

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