The popular meme coin PEPE has experienced a price increase of over 5 percent in the past 24 hours, driven primarily by a high-volume breakout that pushed the token above a key resistance level, establishing a bullish trend. According to technical analysis from CoinDesk Research, this upward movement is characterized by a series of higher lows, reflecting sustained buying interest. Volume has consistently risen with each price advance, indicating accumulation by large investors or whales.

Despite this price momentum, the broader market dynamics remain somewhat complex. Data from CoinGlass reveals that trading volume in PEPE derivatives has declined by 73 percent since mid-July. Conversely, on the Ethereum network, the top 100 addresses holding PEPE tokens have increased their holdings by 2.36 percent over the past 30 days, while exchange reserves have decreased by 2.4 percent, according to Nansen analytics.

The recent price appreciation of PEPE is likely part of a wider rally in risk assets, fueled by growing expectations that the Federal Reserve will reduce interest rates by 25 basis points in September. The CME FedWatch Tool currently assigns a 93 percent probability to this rate cut, and traders on Polymarket estimate the likelihood at 79 percent. These combined factors are contributing to renewed market interest and upward price pressure for PEPE.

This analysis was produced with the assistance of AI tools and has been reviewed and verified by our editorial team to ensure accuracy and adherence to professional standards.

Source: coindesk

$PEPE