Meme-inspired cryptocurrency PEPE surged more than 2.5% in the last 24-hour period, outperforming the memecoin sector as measured by the CoinDesk Memecoin Index (CDMEME), which went up 2.24% in the same period.

The price jumped from $0.00000969 to a high of $0.00001027, with trading volumes crossing 314 billion tokens during a rapid price move in the final hour of trading, according to CoinDesk Research's technical analysis data model.

Trading activity in the $0.00001000 to $0.00001003 range created a temporary floor, with resistance forming near $0.00001007. This kind of technical setup typically signals accumulation, a sign investors are building positions rather than flipping for quick profits.

PEPE’s move also outperforms the wider cryptocurrency market, as measured by the coinDesk 20 (CD20) index, which rose 1.8% in the past 24 hours.

The rise appears to also be linked to growing whale accumulation. Data from Nansen shows that the top 100 PEPE addresses on the Ethereum network have added 4.28% to their holdings over the last 30 days, while exchanges have seen their PEPE holdings lunge 2.15% in the same period.

Open interest for PEPE futures products has meanwhile kept on rising to now stand near the $645 million market according to CoinGlass data.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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