The Ethereum-based memecoin Pepe (PEPE) has recently witnessed a significant spike in its price, reaching an unprecedented peak amid heavy market activity. Over the past 24 hours, PEPE’s price has surged by 24.65% to $0.00001383, propelling its market capitalization to $5.82 billion and positioning it as the 21st largest cryptocurrency. This surge has diverted investor attention from older memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) towards PEPE.

PEPE Gains Traction

In addition to the price increase, PEPE’s trading volume saw a dramatic rise, jumping by 89.75% to $4.43 billion. This volume constitutes 76.14% of its market cap. Furthermore, PEPE’s circulating supply remains at its total and maximum supply of 420.69 trillion units, showcasing strong market confidence in the coin's growth. For the latest technology news, visit NEWSLINKER.

This week, PEPE exhibited a notable upward trend fueled by robust bullish momentum. Over the past week, PEPE’s price climbed by over 20%, and on a monthly basis, the increase exceeded 120%, highlighting a consistent upward trend. This trajectory indicates vigorous trading activity and a growing demand for the Ethereum-based asset.

Increased Investor Interest

According to data from CoinGlass, PEPE’s Open Interest (OI) experienced a significant uptick in the last 24 hours, attracting considerable attention. This rise, reflecting the total value of all PEPE futures contracts on cryptocurrency exchanges, signals growing investor confidence. The emergence of a large number of long positions indicates a bullish outlook. The primary driver for this increase has been speculations surrounding the potential approval of at least one spot Ethereum ETF in the United States.

Technical Indicators Point to Bullish Trend

Several technical indicators on the PEPE/USD chart reveal bullish momentum. The Awesome Oscillator (AO) shows a bullish signal with green bars in recent sessions. The Moving Average Convergence Divergence (MACD) indicator also indicates a positive trend with the MACD line staying above the signal line, suggesting potential upward movement. The Relative Strength Index (RSI) stands at 75.67, indicating that PEPE is currently overbought and may face a price correction. The Average Directional Index (ADX) is at 34.50, suggesting a strong trend.

Conclusion

In summary, PEPE is experiencing significant price and market activity increases due to strong bullish momentum and investor confidence. The altcoin may achieve further gains by breaking through critical resistance levels, although the high RSI indicates a potential price correction. While overall market sentiment remains positive, driven by speculations around spot Ethereum ETFs, PEPE is expected to continue its upward trajectory towards potential targets of $0.00003 and $0.00005 if the bullish momentum persists.