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PEPE surges 10% as memecoin sets its sights on 2024 highs
The cryptocurrency market has witnessed a significant surge in recent times, with the latest rally being seen in PEPE, which has surged by an astonishing 10%. This growth is unprecedented and is leaving many wondering if this is the start of another 2024-style breakout.
The current rally comes as no surprise considering the overall sentiment in the market. The recent market fluctuations have led to the market cap reclaiming the $80 billion mark. With a surge seen across multiple memecoins, Dogecoin [DOGE] saw its valuation touch a staggering $35 billion while Shiba Inu [SHIB] and Pepe[PEPE] following suit at $7.9 billion and $5.1 billion respectively.
The Ethereum-based memecoins have been the driving force behind this upswing as ETH has reclaimed the $4,000 level. This surge is also being fueled by the increasing number of transactions, with a staggering 6.72 million total transactions recorded over the past few hours.
A key factor in determining whether PEPE will continue its upward trajectory is how holders react to the current consolidation levels. These levels include the retest band at $0.000012 and the resistance zone at $0.000013. Any significant movements around these areas could have a huge impact on the overall price action of PEPE.
For now, it seems like PEPE’s chart mirrors 2024’s breakout setup, which led to a threefold surge in value from $0.000010 to $0.000032.
Source: ambcrypto.com
