$PEPE (PEPE) shows signs of consolidating at around $0.00001364 on Thursday, following a falling wedge pattern breakout, which reached the intended target slightly above $0.00001400 the previous day.
The meme coin has seen a 22% increase over the past week and a 5% gain in 24 hours, reflecting the steady rise in demand for altcoins as traders seek to diversify their portfolios amid Bitcoin's (BTC) surge to new all-time highs of $123,218 on Monday.
Pepe could extend the uptrend amid strong derivatives market
Interest in $pepe has not faltered since the beginning of this month, when the futures Open Interest (OI) dropped to $455 million on July 2. CoinGlass data shows that the Open Interest, which represents the value of all the futures and options contracts that have not been settled or closed, is steadily rising to $685 million at the time of writing.
The increase in $PEPE price reflects the bullish wave that swept across the cryptocurrency market this week, triggered by Bitcoin's surge to record highs and steady demand for altcoins.
The Altcoin Season Index has steadily been growing over the past few weeks, rising from 12 on June 22 to 41 at the time of writing. Although this index is still far from signaling the start of the altcoin season, which typically occurs around 75, this recent growth suggests that retail investors are making a comeback with renewed interest in alternative investments to $BTC .
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