Pepe coin price surged on Friday as the ongoing Bitcoin rally pushed most meme coins higher and the total crypto market cap to over $128 billion.
Pepe (PEPE), the third-largest meme coin, rose to $0.000020, its highest level in 10 days. This rebound occurred in a high-volume environment, with its 24-hour trading volume climbing to $1.32 billion, the highest point in a week. Additionally, futures open interest reached a record high of $560 million.
Other top meme coins have jumped this week. Dogecoin (DOGE) jumped by 26%, while Dogwifhat (WIF) and Fartcoin have soared by over 20% and 70%, respectively.
The primary driver of this rally appears to be recent economic tailwinds in the United States. The Bureau of Labor Statistics released positive inflation data, showing the core Consumer Price Index dropped to 3.2%. These numbers spurred a strong recovery in crypto and stock prices as bond yields fell.
Pepe coin and other cryptocurrencies also benefited from optimistic reports about the incoming Donald Trump administration. In a statement this week, Trump announced that he was considering prioritizing American crypto projects when creating a strategic reserve.
Another report said that crypto would be a big priority in the incoming administration. While Bitcoin will be the biggest beneficiary of all this, other coins in the periphery, like Pepe coin will also benefit.
Bitcoin has already surged to $104,000 ahead of Trump’s inauguration. If this momentum continues, Bitcoin could climb to its all-time high of $108,000, followed by the psychological level of $110,000. Such a rally would likely lift meme coins like Pepe even higher.
Pepe coin price analysis
The daily chart shows that Pepe coin price has rebounded strongly this week. This recovery followed the formation of a hammer candlestick pattern on Monday, a commonly recognized reversal signal in crypto markets.
Pepe has remained above the 100-day moving average. Additionally, it has formed a falling wedge chart pattern, a popular bullish reversal indicator characterized by two falling and converging trendlines.
As a result, Pepe is likely to experience a bullish breakout, potentially reaching a high of $0.00002837, its all-time high.
