Pepe (PEPE) price crossed the $0.000010 level for the first time since March 15. And it shows
Pepe (PEPE) price crossed the $0.000010 level for the first time since March 15. Data from Cointelegraph Markets Pro and TradingView show that PEPE rose 34% over the past 24 hours to hit a new record high of $0.00001119 on Binance.
PEPE’s trading volume jumped 245% over the past 24 hours to $1.56 billion and its market capitalization also jumped to $4.31 billion, overtaking Ethereum Classic (ETC) to become the 23rd largest coin by market cap.
PEPE’s performance follows the return of “Roaring Kitty” – Keith Gill’s account on social media platform X – which has been dormant since June 2021.
On the night of May 12, the account posted a photo of a man holding the remote and moving to sit forward in his chair as if to focus. Users on
Gill was at the center of the meme stock frenzy of 2021 when shares of GameStop and AMC Entertainment, among other companies, rose more than 1,000% by the end of the year.
The May 13 rebound saw PEPE price bounce off the uptrend line, which it had been supporting since mid-April. The recent rally saw PEPE rise above a critical resistance level, which has supported the price since March.
This is the zone from $0.00000875 to $0.000010, which the bulls need to defend in order to secure the upside.
The Relative Strength Index (RSI) was heading north and showed an upward path similar to the price path. The price strength at 70 strengthened buyers’ dominance in the market.
Related: Memecoins were the “most profitable cryptocurrency narrative” in the first quarter of 2024
On the other hand, a daily candle below the uptrend line at $0.00000875 will see the price falling towards the $0.0000070 and $0.000080 demand zone embraced by the 20-day and 50-day EMAs.
According to data from DEXTools, Solana-based GameStop’s Memecoin jumped more than 550% after Roaring Kitty’s return, while its AMC token jumped 1,200%. The two most valuable memcoins, Dogecoin (DOGE) and Shiba Inu (SHIB), rose 5% and 7%, respectively.
Stocks related to Gill and other “meme stocks” also rose. GME stock prices rose 44% in pre-market trading and rose 110% at market open before trading was halted.
Cinema chain AMC Entertainment Holdings rose 12% pre-market and rose as much as 25% after the Wall Street open, as noted by trading resource The Kobeissi Letter.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
