The frog-themed meme coin PEPE has surged 11% in the past 24 hours

While Dogecoin (DOGE) and Shiba Inu (SHIB) have managed modest gains of 3% and 1%, respectively

The crypto market is showing signs of recovery as meme coins continue to heat up. While leading meme assets like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) saw modest gains of 3% and 1%, respectively, another meme coin, PEPE (CRYPTO: PEPE), has surged by double digits.

According to data from BENZINGA, PEPE soared 11% in the past 24 hours, significantly outpacing Dogecoin and Shiba Inu.

What Happened: The rally in PEPE comes amid a trend of significant whale acquisitions, which have fueled increased demand and bullish momentum for the meme coin.

OnChain sleuth Lookonchain noted in a March 12 post on X, formerly Twitter, that three whale wallets acquired 689.79 billion PEPE, valued at $5 million at current market prices, with all funds originating from Tornado Cash.

The largest buyer, wallet 0x7A7D, reportedly spent 1,413.4 ETH (around $2.72 million) for 437.7 billion PEPE, while 0x9212 and 0x7779 purchased 158.58 billion PEPE (about $1 million) and 93.51 billion PEPE (around $574,000), respectively.

This move has sparked speculation about the source of these funds and how they will be used.

The meme coin is also showing strength in other areas. Its price and trading volume surged simultaneously, which indicates strong market demand and increased buying activity, possibly driven by retail FOMO in PEPE’s case.

Over the past 24 hours, volume rose by 18%, reaching $1.05 billion at press time.

When an asset’s price and trading volume increase together, it signifies a strong market demand and capital inflow.

Moreover, in the futures market, PEPE’s rising open interest highlights the capital inflow into it. As of this writing, the metric stands at $120 million, skyrocketing 21% in the past 24 hours.

When an asset’s open interest rises, especially during a price rally, it indicates increased market participation and capital inflow. If macro factors remain favorable and market sentiment remains bullish, there is a strong likelihood of a sustained PEGO rally.

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PEPE’s Elder-Ray Index has returned a positive value for the first time since January 19. This confirms the bullish shift in investors’ sentiment toward the altcoin.

The indicator measures the strength of bulls and bears in the market by analyzing the relationship between an asset’s price and a moving average.

When the Index is positive, it indicates that bulls are in control, suggesting upward momentum and potential price gains. If sustained, this trend could drive PEPE’s price toward $0.0000083.

Conversely, if buying activity weakens, PEPE could break below the support at $0.0000062 and fall to $0.0000048.