The frog-themed meme coin Pepe has confirmed a new rising trend after closing above the prior all-time high last week.
Pepe's Growth and New Trends
Pepe, a mid-cap meme coin with a fully diluted valuation of about $8.8 billion and daily traded volume of around $4.8 billion, rallied over 150 percent in the last two weeks, thus entering its price discovery phase. Having consolidated for more than seven months, the Pepe price is now well positioned to rally exponentially in the coming months. The meme coin industry is expected to lead in the upcoming altcoin season.
Why Pepe Stands Out Among Others
As a top-rated meme coin in the Ethereum ecosystem with deep liquidity on various DeFi protocols, Pepe has attracted more investors recently. Dogecoin, the largest meme coin, also broke out of a multi-week bearish consolidation, signaling the onset of another meme season. Last week, the Pepe community received major support through listings on top-tier cryptocurrency exchanges like Coinbase and Robinhood.
Short Term Goals for Pepe
With shorts converting to longs, strengthening the macro short squeeze, the Ether-based meme coin will continue its rally. From a technical analysis standpoint, the PEPE price could be following a similar bullish breakout to that in February 2024. If this scenario plays out, the PEPE price could rise 10x from the recent breakout to $0.0009.
Despite the optimistic outlook, Pepe traders should be cautious of a potential fakeout to the lower end before a bullish breakout occurs.
