The price of Pepe (PEPE) has surpassed the $0.000010 level for the first time since March 15. According to data from Cointelegraph Markets Pro and TradingView, PEPE has surged 34% in the past 24 hours, reaching a new all-time high of $0.00001119 on Binance.
PEPE’s trading volume has seen a significant increase of 245% in the last 24 hours, reaching $1.56 billion. Its market capitalization has also surged to $4.31 billion, surpassing Ethereum Classic (ETC) and becoming the 23rd-largest cryptocurrency by market value.
The rise in PEPE’s price coincides with the return of “Roaring Kitty,” Keith Gill’s account on the social media platform X, which had been inactive since June 2021. On May 12, the account posted an image of a man focusing, which was interpreted by X and Reddit users as Gill signaling a period of intense concentration.
Gill was at the center of the 2021 meme stock frenzy, which saw shares of GameStop and AMC Entertainment surge by over 1,000% by the end of the year.
The recent rebound in PEPE’s price occurred as it bounced off the ascending trendline, which has been supporting it since mid-April. This rally has pushed PEPE above a critical resistance level that has been holding the price since March. Bulls need to defend the $0.00000875 to $0.000010 area in order to maintain the upward trend.
The relative strength index (RSI) is showing an upward trajectory similar to the price, indicating the dominance of buyers in the market.
On the other hand, if the daily candlestick closes below the ascending trendline at $0.00000875, the price could drop towards the demand zone at $0.0000070 and $0.000080, which is supported by the 20-day and 50-day exponential moving averages.
According to data from DEXTools, the GameStop memecoin on the Solana blockchain surged over 550% with the return of Roaring Kitty, while the AMC token saw a 1,200% increase. Larger-cap memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced gains of 5% and 7% respectively.
Stocks related to Gill and other “meme stocks” also saw rallies. GameStop share prices climbed as high as 44% in pre-market trading and surged 110% at market open before trading was halted. AMC Entertainment Holdings, the cinema chain, saw a 12% increase in pre-market and rose as much as 25% after the Wall Street open.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment of risks before making any investment or trading decisions.