Pepe

Shiba Inu

<p class="is-style-lead">Pepe price rose on Wednesday, becoming one of the best-performing memecoins in the industry.</p> 
<p>Memecoin Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>) rose by 8.2%, reaching a high of $0.00001308, its highest point since June 26.&nbsp;</p> 
<h2 class="wp-block-heading" id="pepe-open-interest-has-risen">Pepe open interest has risen</h2> 
<p>Its rally happened in a high-volume environment as the 24-hour figure jumped to $1.6 billion, higher than Dogecoin (<a href="https://crypto.news/price/dogecoin/">DOGE</a>) and Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>) combined. Dogecoin had a 24-hour volume of $939 million while SHIB had $277 million.&nbsp;</p> 
<p>Pepe’s rebound also happened when the open interest in the futures market rose to the highest point since June 7th. It had over $155 million in open interest, mostly from Bitget and OKX.&nbsp;</p> 
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  <img loading="lazy" decoding="async" width="2699" height="762" src="https://crypto.news/app/uploads/2024/07/Pepe-open-interest-1.jpeg" alt="Pepe open interest"> 
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  Pepe futures open interest | source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">CoinGlass</a>
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</figure> 
<p>There are also signs that whales – big holders – have continued to accumulate the Pepe token, which explains why it has risen by over 72% from its lowest point this month.&nbsp;</p> 
<p>Data by <a href="https://etherscan.io/token/0x6982508145454ce325ddbe47a25d4ec3d2311933" target="_blank" rel="nofollow">Etherscan</a> shows that the number of Pepe holders has continued rising this month. They crossed 264,000 on Wednesday and this trend may continue if its rebound continues.</p> 
<p>There was no clear catalyst that pushed Pepe higher on Monday. A likely reason is the fact that the fear and greed in the crypto industry has moved to the greed zone after the <a href="https://crypto.news/eth-etfs-see-over-1b-of-trading-volume-on-launch-day/" target="_blank" rel="noreferrer noopener">Ethereum ETF approval</a> this week. In most periods, meme coins like Pepe and Cat in a Dogs World<strong> </strong>(<a href="https://crypto.news/price/cat-in-a-dogs-world/">MEW</a>) do well when there is a sense of greed in the market.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/pepe-price-could-form-a-super-bullish-breakout-analyst-says/"> Pepe price could form a ‘super bullish breakout’, analyst says </a> </p> 
<h2 class="wp-block-heading" id="analysts-are-bullish-on-pepe-price">Analysts are bullish on Pepe price</h2> 
<p>Crypto traders have also identified several bullish patterns that could push it higher in the coming days. One analyst noted that it had formed an inverse head and shoulders pattern, a popular bullish sign.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">Another <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$PEPE</a> smiley face aka head and solders pattern playing out. <a href="https://t.co/9AJtxKQOC6" target="_blank" rel="">pic.twitter.com/9AJtxKQOC6</a></p>— Plazma (@Plazma0x) <a href="https://twitter.com/Plazma0x/status/1816066753912283407?ref_src=twsrc%5Etfw" target="_blank" rel="">July 24, 2024</a>
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<p>Others identified a bullish flag pattern, which is characterized by a long flagpole and a rectangle pattern, as shown below.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14286936"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Pepe-Price-3.png.webp"> 
  <img loading="lazy" decoding="async" width="3574" height="1990" src="https://crypto.news/app/uploads/2024/07/Pepe-Price-3.png" alt="Pepe price"> 
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  Pepe price chart | source: <a href="https://www.tradingview.com/symbols/PEPEUSD/?exchange=CRYPTO" target="_blank" rel="">TradingView</a>
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</figure> 
<p>Pepe has been one of the best-performing cryptocurrencies since 2023. It has risen by almost 800% in the past 12 months while Dogecoin, Shiba Inu, and Ethereum have risen by less than 125%.&nbsp;</p> 
<p>This year, however, it has faced stiff competition from Solana-based meme coins like Dogwifhat, Popcat, and Cat in a dogs world.</p> 
<p> You might also like: <a href="https://crypto.news/mew-surges-16-becomes-top-gainer-in-crypto-market-today"> MEW surges 16%, becomes top gainer in crypto market today </a> </p>

Pepe price forms bullish patterns as traders eye a breakout

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