Pepe (PEPE) experienced a notable surge in price, surpassing the $0.000010 threshold for the first time since March 15. Market data from Cointelegraph Markets Pro and TradingView revealed that over the past 24 hours, PEPE soared by 34%, achieving a new all-time high of $0.00001119 on the Binance exchange. This impressive performance was accompanied by a substantial increase in trading volume, which spiked by 245% to reach $1.56 billion. Consequently, PEPE's market capitalization surged to $4.31 billion, surpassing that of Ethereum Classic (ETC), thus claiming the position of the 23rd-largest cryptocurrency by market value.

The surge in PEPE's price followed the reactivation of "Roaring Kitty," Keith Gill's account on the social media platform X, which had been inactive since June 2021. On May 12, the account posted an image depicting a man holding a controller and leaning forward, symbolizing a period of heightened focus or concentration. This resurgence in activity from Gill, who played a central role in the 2021 meme stock frenzy involving GameStop and AMC Entertainment, among others, sparked renewed interest and optimism in the meme coin market.

The rebound in PEPE's price was notably supported by an ascending trendline that has been in place since mid-April. This latest rally enabled PEPE to breach a critical resistance level that had been pivotal since March, ranging from $0.00000875 to $0.000010. Maintaining this bullish momentum is crucial for sustaining the ongoing uptrend. The relative strength index (RSI) indicated a positive trajectory similar to that of the price, with a strength reading of 70 further affirming the dominance of buyers in the market.

However, a failure to sustain the current upward momentum could result in a pullback, potentially leading to a decline towards the demand zone supported by the 20-day and 50-day exponential moving averages, located between $0.0000070 and $0.0000080. The resurgence of Roaring Kitty also had a significant impact on other meme coins and stocks associated with the meme stock phenomenon. Solana-based GameStop memecoin witnessed a surge of over 550%, while AMC token experienced a staggering 1,200% jump. Additionally, larger-cap meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) recorded gains of 5% and 7%, respectively.

Stocks linked to Gill and other meme stocks also saw substantial rallies, with GME shares climbing by as much as 44% in pre-market trading and AMC Entertainment Holdings experiencing a pre-market increase of 12%, followed by a surge of up to 25% after the Wall Street open. These developments underscore the significant influence of social media activity and meme culture on financial markets, with meme coins and stocks often experiencing heightened volatility and speculative trading activity in response to viral trends and celebrity endorsements.