PEPE coin is trending today in the memecoin market

With a stunning 30% price surge in just 24 hours. PEPE has overtaken Dogecoin in daily trading volume, becoming the most traded memecoin

PEPE coin is trending today in the memecoin market with a stunning 30% price surge in just 24 hours. This pushed the memecoin into the sixth most-traded cryptocurrency globally (excluding stablecoins), and it even managed to overtake Dogecoin in daily trading volume.

Why Is PEPE Surging?

The pepe coin price surge can be attributed to a combination of whale activity, technical indicators, and increasing open interest in the derivatives market.

Lookonchain Data shows that a prominent crypto whale has been actively buying PEPE on the open market over the past week. The whale, who holds $147 million in crypto assets, withdrew 1.5 trillion PEPE from Binance on April 30 and earlier today added another 500 billion PEPE tokens, bringing their total holdings to 2 trillion tokens. This brings the total amount of PEPE coins accumulated by the whale to 2 trillion tokens, or roughly $4.36 million.

The accumulation started on April 30 with a withdrawal of 1.5 trillion PEPE from Binance. Later, the whale bought 500 billion PEPE tokens, bringing the total to 2 trillion.

According to data from CoinGlass, the amount of money locked into PEPE futures — known as open interest — has gone up by 6.6% and is now more than $434 million. This signals that trader interest in the memecoin is heating up.

In the past 24 hours alone, around $1.57 million worth of trades were liquidated, and $1.45 million of that came from people betting against PEPE. In simpler terms, a lot of traders who expected the price to fall got caught off guard — a classic sign of a short squeeze.

What Next For PEPE Price?

According to Levelup Analyst, PEPE recently broke out of a Descending Broadening Wedge pattern—a bullish signal—confirming a shift in momentum with a strong daily close. This could lead to a 120% to 140% midterm rally. If the market remian bullish and PEPE Price maintain the uptrend we can see 1,200%+ gain, with a price target of $0.000080 (a 10x from current levels) within the next bullish cycle.

If the bulls manage to push the price above the Fib 1.272 extension level at $0.000048, the next resistance to watch will be at the Fib 1.618 extension level at $0.000074, followed by the final Fib 2.0 extension level at $0.0001 at the apex of the pattern.

At the same time, if the bears manage to push the price below the Fib 0.786 extension level at $0.000034, the next support to watch will be at the Fib 0.618 extension level at $0.000025, followed by the final Fib 0.5 extension level at $0.000016 at the base of the pattern.

The post Why Is Pepe Coin Surging Today? Here’s Analysis As PEPE Price Surges 30% in 24 Hours appeared first on Crypto Advanced.