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Ethereum-based meme coin PEPE has seen a sharp upside, gaining an additional 12.82% today, and surging to $0.00001218. Market analysts believe that the broader crypto market rally, led by Ethereum, has provided fuel to the PEPE price rally today.
The daily trading volumes for the meme coin have also surged by a massive 167% to $1.5 billion. This comes amid strong bullish sentiment shared by traders and investors.
PEPE Price Preparing for Another 100% Rally
Today’s PEPE meme coin rally comes on the heels of strong whale activity and technical setup. With 26% upside over the past week, the PEPE price chart eyes a breakout from the symmetrical triangle pattern.
Crypto analyst Ali Martinez has highlighted that meme coin PEPE is forming a symmetrical triangle pattern on the charts. Furthermore, its price is now nearing the apex, eyeing a breakout on the upside.
According to Martinez, this technical setup signals the potential for an imminent breakout, with 100% projected gains to $0.000026.
Memecoin PEPE has shown strength against both USDT and Bitcoin (BTC), moving past its recent local bottom. Analysts note that the token is now testing its first major resistance levels on both trading pairs in the short term.
Market analysts expect the Ethereum price rally to continue moving ahead. As a result, PEPE, which is often regarded as an ETH-beta play, could also benefit from a broader rally. Crypto analyst MisterSpread noted:
Whale Activity Drives PEPE Price Rally Ahead
The PEPE price rally today comes on the heels of strong whale activity. On-chain data from Lookonchain revealed that a new wallet purchased 1.52 trillion PEPE tokens worth nearly $16 million from Kraken. This marks one of the largest single buys in the token’s history.
Whale activity of this scale often fuels market enthusiasm, with smaller investors interpreting it as a bullish signal and entering positions. The sizable purchase has also triggered speculation that the wallet could belong to a major market player.
Moreover, a newly created wallet has deposited $701,000 in USDC into Hyperliquid. It also opened $4.5 million in leveraged long positions on memecoins PEPE and dogwifhat (WIF).
The trader placed two separate positions, each using 10x leverage, aiming to capitalize on the recent market dip. Popular crypto trader James Wynn has denied any links to this.
PEPE price has gained 26% over the past week, adding over $1 billion to its market capitalization. This comes as capital rotates into altcoins ahead of anticipated U.S. interest rate cuts.
Unlike Dogecoin, PEPE has yet to feature in traditional finance–driven narratives, but speculative demand is accelerating. Derivatives activity reflects the trend, with open interest rising 13% to $795 million over the same period, as per the Coinglass data.
Meme Coin Rally to Support PEPE Ahead
The broader meme coin sector has been showing major strength recently, with Dogecoin (DOGE) up 31% over the past week. Following DOGE’s lead in the meme coin space, players like PEPE have been riding the wave.
Analysts are turning on a Dogecoin price rally to $1.0, amid major buzz surrounding the DOGE ETF launch. This could trigger a sector-wide rally ahead.
