PEPE has displayed great price growth over the past week after two months of sideways movements. The memecoin market, too, showed bullish price movements.
The third biggest memecoin by market cap, PEPE, observed a 41% price rise over the past week. The rally comes after the token took a beating throughout August and September. Currently, the Ethereum-based memecoin’s price fluctuates around $0.0000114 on September 29, a contrast from where it was on September 6–$0.000006438.
PEPEs’ price is not the only metric that has impressed—the trading activity surrounding the token has observed a major uptick, marking a whopping $1.13 billion over the past 24 hours. Such robust performance places PEPE as the 21st biggest crypto asset and in the top 10 by volume. The token also exhibits a market cap of over $4.7 billion.
Crypto analyst CryptoJack took to X to offer technical insights into PEPE’s price rise, saying, “The price of $PEPE broke out of the descending channel as I predicted.” He added that he “expect[s] it to continue pumping!” PEPE broke out of the descending channel on September 20 to reverse its 50-day, 100-day, and 200-day exponential movement averages (EMAs). Nevertheless, holders could indulge in profit-seeking with the price rise, offloading their holdings to drive the price down again.
Source: CryptoJack on X
Memecoins Collectively Showed Growth
Beyond PEPE’s rally, memecoins across the board displayed bullish price movements. Nearly all top 10 memecoins have shown double-digit price rises through the past seven days. The top memecoin DOGE’s price rose by over 18% on September 29, and the second largest memecoin SHIB’s price rose by over 35%.
Another viral counterpart, MOODENG, has risen by more than 600% since its launch on September 21. The token was deployed on Solana and is inspired by a baby hippopotamus whose videos have gone viral on TikTok and Instagram. In the meantime, Solana-based memecoin deployer Pump.fun witnessed a resurgence in activity, as users minted over 10,000 tokens last Wednesday. It has been slim pickings for the platform over the past month as the Justin Sun-launched SunPump on Tron became the new destination for those wanting to create memecoins easily.
With that, the memecoin market cap has grown over $55.7 billion. The entire sector witnessed over $8.3 billion in trading volume over the past 24 hours. The crypto market, in general, looks to have done well recently as the Crypto Fear & Greed Index has entered the greed territory with a score of 63. That score was at a low of 34 last month, indicating fear.
