PEPE Reaches New All-time High
14 May, 2024 ● Coin news
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://www.tradingview.com/chart/BDd7hDNH/?symbol=BITSTAMP%3ABTCUSD
