$PEPE price continued its strong surge on Friday, reaching its highest level since January, and technicals point to more gains.
Pepe surged to a high of $0.00001390, up by 160% from its lowest level in March, making it one of the best-performing meme coins.
The surge happened as $ETH Ethereum short-squeezed and reached its highest level since March 3. Pepe and other Ethereum meme coins tend to perform well when Ether is in an uptrend.
It also coincided with a broad rally in crypto and stock markets ahead of a meeting between U.S. and Chinese officials in Switzerland. The hope is that the world’s two biggest economies will de-escalate tensions and possibly reduce tariffs.
Pepe’s price also climbed as smart money investors bought the dip. Nansen data shows that there are now 16 smart money investors, up from 12 earlier this month. These investors have increased their holdings to 3.20 trillion PEPE, up from 2.76 trillion earlier this week.
Pepe’s surge also happened as the daily volume in decentralized and centralized exchanges jumped to over $4.7 billion, higher than Dogecoin’s doge9.09% $3.14 billion and Shiba Inu’s $SHIB 4.63% Shiba Inu $702 million.
Additional data shows that futures open interest rose to over $530 million, the highest level since January 17 and well above the year-to-date low of $137 million. A rising open interest is a bullish sign, indicating growing demand. Pepe’s funding rate in the futures market has remained positive in recent weeks.
.
.
.