Home Coin news PEPE Reaches New All-time High

PEPE Reaches New All-time High

14 May, 2024 Coin news

PEPE Reaches New All-time High

The price of Pepe reached a new milestone, surpassing the $0.000010 mark for the first time since March 15.

According to data from TradingView, PEPE surged by 34% in the last 24 hours, achieving a record high of $0.00001119 on Binance.

Over the past day, PEPE’s trading volume increased dramatically by 245% to $1.56 billion, with its market cap also rising to $4.31 billion.

This growth allowed it to overtake Ethereum Classic, positioning it as the 23rd-largest cryptocurrency in terms of market value.

PEPE's recent surge coincided with the reappearance of "Roaring Kitty" — Keith Gill’s username on social media platform X — which had been inactive since June 2021.

On the evening of May 12, the account shared an image of a man grasping a controller and leaning forward in his chair, seemingly preparing to concentrate intensely.

This post was interpreted by users on X and Reddit as Gill signaling a period of "locking in," a term used to describe intense focus or effort.

Gill was a pivotal figure during the 2021 meme stock explosion, which saw stocks like GameStop and AMC Entertainment skyrocket by over 1,000% by year's end.

The PEPE price saw a rebound on May 13, bouncing from the ascending trendline that has been a support since mid-April.

This recent rally pushed PEPE past a significant resistance level that had been in place since March, located between $0.00000875 and $0.000010, which bulls must now defend to maintain the upward trend.

The relative strength index (RSI) was trending upward, mirroring the price increase, and a strong reading at 70 indicated a dominant buying presence in the market.

Conversely, a daily candlestick closing below the ascending trendline at $0.00000875 could lead the price to drop towards the $0.0000070 and $0.000080 support zones, which are supported by the 20-day and 50-day exponential moving averages.

DEXTools data shows that the Solana-based GameStop memecoin soared over 550% following Roaring Kitty’s return, while the AMC token surged 1,200%.

Meanwhile, larger-cap memecoins like Dogecoin and Shiba Inu also experienced gains of 5% and 7%, respectively.

Stocks associated with Gill and other meme stocks witnessed significant rallies too.

GME shares jumped up to 44% in pre-market trading and soared by as much as 110% at the market opening before trading was paused.

AMC Entertainment Holdings also saw an uptick, rising 12% in pre-market and climbing up to 25% after the Wall Street opening, as reported by The Kobeissi Letter.

Source:

https://cointelegraph.com/news/pepe-hits-all-time-high-memecoins-soar-after-famous-gamestop-stock-trader-returns

https://www.tradingview.com/chart/BDd7hDNH/?symbol=BITSTAMP%3ABTCUSD

https://x.com/TheRoaringKitty/status/1789807772542067105

https://x.com/KobeissiLetter/status/1790021816792092684

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