Meme coin party begins once again

Along with the PEPE price increase, the overall meme coin sector is witnessing strong upside with Dogecoin $0.18, Shiba Inu $0.000014, BONK $0.000019 and other gaining 12-17% each.

The recent PEPE Coin price increase can be attributed to several factors. As an Ethereum-based meme coin, Pepe rallied alongside Ethereum’s $1 845 climb above $2,200, a milestone not reached in months. This recovery comes after Pepe experienced a sharp decline of over 50% in recent months.

Historically, Pepe’s performance is closely tied to Ethereum’s momentum. Consequently, its future price trajectory will largely hinge on whether Ethereum maintains its upward trend.

On Binance, optimism among traders is evident, with 65% holding long positions on PEPE, pushing the long/short ratio to 1.86. This dominance of long positions in the derivatives market could provide the momentum needed for Pepe’s price to target its next resistance level.