Pepe Coin (PEPE), the Solana-based frog-themed meme cryptocurrency, has surged by 11% in the last 24 hours, outperforming major competitors like Dogecoin (DOGE) and Shiba Inu (SHIB), which saw modest gains of 1–3%. This rally coincides with a daily trading volume exceeding $1.11 billion, reflecting strong bullish sentiment among investors.
Key Drivers of PEPE’s Price Rally
Whale Activity Sparks Demand
The PEPE price surge appears driven by significant whale purchases, triggering heightened demand and bullish momentum. On March 12, three whale wallets acquired a combined 689.79 billion PEPE (worth $5 million), with funds originating from Tornado Cash. Notable transactions include:
- Wallet 0x7A7D: Purchased 437.7 billion PEPE for 1,413.4 ETH ($2.72 million).
- Wallets 0x9212 and 0x7779: Acquired 158.58 billion PEPE ($1 million) and 93.51 billion PEPE ($574,000), respectively.
This activity has raised questions about fund origins but also boosted trading volume by 18% in 24 hours.
Market Participation and Liquidation Trends
Data from Coinglass reveals:
- Futures open interest for PEPE jumped 7.52% to $214 million.
- 24-hour liquidations surpassed $2.58 million.
Increased open interest during a price rally often signals growing market participation and capital inflows, suggesting sustained bullish potential if macroeconomic conditions remain favorable.
Technical Indicators: Bullish or Bearish?
Elder-Ray Index Turns Positive
PEPE’s Elder-Ray Index—a measure of market strength—has turned positive for the first time since January 19, indicating bullish dominance. Key levels to watch:
- Upside Target: $0.0000083 if bullish momentum continues.
- Downside Risk: A drop below $0.0000062** could push PEPE toward **$0.0000048 if buying pressure wanes.
FAQs: PEPE Coin Price Rally
1. Why is PEPE’s price rising?
The rally is fueled by whale purchases, heightened trading volume ($1.11 billion/day), and positive technical indicators like the Elder-Ray Index.
2. Could PEPE’s rally continue?
Yes, if market sentiment stays bullish and macroeconomic conditions (e.g., crypto-friendly regulations) remain supportive.
3. What risks could halt the rally?
A decline in buying pressure or negative market shifts (e.g., regulatory crackdowns) could trigger a drop below $0.0000062.
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Disclaimer: This content is for informational purposes only and not financial advice. Verify details independently and consult a professional before making investment decisions.