PEPE rockets 10%, fueled by Ethereum bounce and strong retail buying interest.
Liquidation zones near key prices could trigger short squeezes and further gains.
Growing profitable holders and transaction volume suggest momentum toward 2024 highs.
The memecoin market has reclaimed the $80 billion mark, driven by giants like DOGE and SHIB. Among them, PEPE surged an impressive 10.8% in 24 hours, grabbing plenty of attention. This jump pushed PEPE closer to challenging its 2024 highs. The rally reflects growing momentum and optimism among traders. So, what’s powering this surge, and where could PEPE head next?
https://twitter.com/CryptoAmb/status/1954167031055450257?t=a9B_MEyJhPrjd7Q4YQEkaQ&s=19 Memecoin Surge Fuels PEPE’s Momentum
Ethereum-based memecoins sparked this market revival as ETH bounced back above $4,000. PEPE, in particular, rode this wave, climbing to $0.00001237. The month-to-date gains for the token stand at 18.3%, despite a 36% drop on a year-to-date scale. This time, the consolidation phase looks broader, which might fuel a stronger breakout. If the pattern repeats, PEPE could push toward $0.000030 or even beyond. However, history reminds us that failing to hold these levels might trap PEPE in extended sideways trading.
August’s past crypto underperformance adds to the uncertainty. PEPE’s price is also influenced by liquidation zones, where traders face forced exits. The token’s max pain points lie near $0.0000126, with $1.29 million in shorts, and $0.0000114, where $1.48 million longs sit. The recent run liquidated over $2.56 million in shorts, causing a dramatic ripple effect. Several key liquidation clusters below price hold around $0.0000121, $0.0000119, and $0.0000110, combining for roughly $4 million.
Accumulation, Transactions, and What Lies Ahead
On-chain data from IntoTheBlock reveals growing retail accumulation. Addresses holding between $10 and $1 million worth of PEPE tokens hit new highs. Whales, however, have stayed relatively quiet during this rally. Meanwhile, Dune analytics shows 6.72 million total transactions, with 1.19 million buyers and 838,771 sellers. This activity hints at a strong interest from everyday traders and investors.
The recent price surge lifted the percentage of profitable holders to 68%. Conversely, ‘Out of the Money’ addresses dropped to 32%. These figures indicate a healthier market sentiment among holders. The largest concentrations of PEPE tokens are clustered around $0.000012 and $0.000013, holding 38.87 trillion and 31.38 trillion tokens, respectively. How holders behave near these bands will likely dictate whether PEPE’s 2025 mirrors the explosive rally seen in 2024.
This rising momentum breathes life into PEPE’s future. Traders and investors watch these levels closely, knowing how quickly memecoin fortunes can turn. If PEPE clears its key resistance zones and sustains buying pressure, the token could carve a path back to previous highs and beyond. Yet, volatility remains a constant companion in this space. Caution and strategic moves will matter for anyone riding this wave.
