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Frog-themed cryptocurrency Pepe (CRYPTO: PEPE) spearheaded Wednesday’s memecoin rally, clocking double-digit gains.
What happened: The Ethereum (CRYPTO: ETH)-based token soared over 15%, becoming the best-performing meme coin in the last 24 hours.
The coin's trading volume leaped 8% to $950 million, making it the second-most traded meme coin in the last 24 hours.
A few crucial technical indicators turned bullish for the coin following the rally.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price indicator, flashed a “Buy” signal for PEPE, according to TradingView. The Momentum indicator also painted a bullish narrative.
See Also: House Committee Favors Stablecoin Regulation To ‘Strengthen’ Dollar: Majority Whip Says CBDCs Against ‘American Values’
The speculative interest also surged. The Open Interest in PEPE futures spiked 8.60% in the last 24 hours to $220 million, the highest it has been in over ten days, according to Coinglass.
Why It Matters: Well-known analyst Max Schwartzman compared PEPE's price action against Dogecoin (CRYPTO: DOGE), calling the pair "incredibly good."
“This is THE SIGNAL for memes… how they pair against the BTC of meme coins ($DOGE),” the analyst added.
"This helped me catch the generational entry on PEPE back in 2023. A second chance is brewing here for those who missed it last run," the analyst opined.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000007206, up 15.41% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, however, the memecoin has plunged 64%.
Image via Shutterstock
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