PEPE Meme Coin Jumps 6% as Trading Volume Triples and Whale Activity Builds

Meme-inspired cryptocurrency PEPE has seen its price jump more than 6% in less than 24 hours as traders piled in during a breakout rally that saw trading volumes nearly triple, according to CoinDesk Research’s technical analysis data model.

The token rose from $0.000009138 to $0.000009627 during the session, with volatility expanding over 7%. Volume surged to 5.61 trillion tokens, far above the 1.89 trillion daily average, pushing the price through established resistance and holding above $0.000009600 by the close of the move.

The rally came amid a broader shift in the crypto market. The broader CoinDesk 20 (CD20) has risen by more than 4.3% over the past 24-hour period.

Some of the capital entering the market appears to have flowed into high-risk altcoins like PEPE and speculative presale projects, lifting prices across the memecoin space. The CoinDesk Memecoin Index (CDMEME) saw a near 5% rise in the same period.

According to data from Nansen, PEPE’s price rally comes after whale accumulation took over in the last 30 days. The top 100 non-exchange addresses on Ethereum have added 3.4% to their holdings in the period, while exchange wallets saw a 2% drop in PEPE holdings.

Support now sits near $0.00000900, with resistance forming around the session high of $0.000009681. Price consolidation toward the end of the rally may hint at another move ahead.

Open interest for PEPE futures products has meanwhile kept on rising to now stand near the $600 million market according to CoinGlass data.

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