Pepe, an Ethereum-based memecoin, has exhibited a notable 31% increase over the past week. Trading volumes have tripled in response to the overall market recovery of memecoins.
Strong rally of memecoins
On September 27, PEPE showed significant growth, with the total memecoin trading volumes reaching $8.5 billion in the past 24 hours. Leading memecoins DOGE and Shiba Inu also increased by 20.7% and 50%, respectively.
Pepe's market growth
Currently, Pepe is trading at $0.00001076, hitting its highest value since August 3. Trading activity has markedly picked up, with PEPE's spot trading volumes topping $1.3 billion on September 27, rising by 35% over the last 24 hours and 316% over the last seven days. PEPE's market capitalization also reclaimed the $4 million mark.
Chart analysis and forecasts
On September 20, PEPE's price broke out of a descending parallel channel, crossing over the 50-, 100- and 200-day exponential moving averages (EMAs). In the short term, the rebound is likely to continue towards the major resistance level at $0.00001260.
Current data indicates a renewed interest in memecoins among investors. Despite potential short-term corrections, PEPE and other memecoins show a stable upward trend.
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