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PEPE Surges 10% as Memecoin Sets Its Sights on 2024 Highs
The crypto market has been witnessing a surge in the prices of various assets, and Pepe (PEPE) is no exception. In a surprising turn of events, PEPE has rallied by an astonishing 10% over the past 24 hours, marking a significant milestone for this memecoin.
PEPE’s chart mirrors a breakout setup that occurred in 2024, sparking rumors about a potential Q4 2024-style surge. Analysts are divided on whether or not this rally will mirror its previous performance, but one thing is certain: PEPE has caught the attention of traders and investors alike.
The memecoin market has seen a massive upswing, with Dogecoin (DOGE) at $35 billion, Shiba Inu (SHIB) at $7.9 billion, and PEPE at $5.1 billion. This surge is largely attributed to Ethereum-based memecoins, which have taken the lead in recent trading sessions.
As a result, PEPE’s price has surged to $0.00001237, according to CoinMarketCap data. While this may seem concerning for long-term holders who were initially caught off guard by the sudden increase, it is essential to consider the implications of this breakout on future prices.
It appears that PEPE is mirroring a 2024 setup that delivered a threefold surge from $0.000010 to $0.000032. However, it remains crucial to emphasize that this does not guarantee the same outcome for this current rally. Analyst Galaxy suggests that the market dynamics in 2024 could be mirrored, but a failure to hold retest levels could result in extended consolidation.
While many are speculating about the potential of PEPE reaching 2024 highs, it is essential to remember that historical performance should not be taken as guarantee for future results. The token’s short-term and long-term viability will depend on various factors such as market conditions, sentiment, and overall adoption.
In a surprising move, PEPE has seen its max pain levels hit $0.0000126 with $1.29 million shorts, while $1.48 million longs are stuck at $0.0000114. This data suggests that the rally has triggered liquidations above this level, resulting in massive short squeeze.
The largest token concentrations sit at $0.000012, holding 38.87 trillion PEPE, and $0.000013 with 31.38 trillion tokens.
Source: ambcrypto.com
