Pepe Price Surges to Top Spot as $3.6 Million Pepe Meme Coin Emerges

cryptonews.com:

The PEPE price has surged by 22% today, rallying to $0.00001175 as the cryptocurrency market as a whole gains by only 1% in the past 24 hours.

This move means that PEPE is also up by 26% in a week, and while the popular meme coin is down by 1% in a month, it holds onto an impressive 620% increase in the past year.

This performance gives it plenty of momentum for the coming weeks and months, while PEPE’s enduring popularity will also likely feed into newer Pepe-themed meme tokens.

A strong example of such a coin is Pepe Unchained, a layer-two meme coin that has already raised $3.6 million in its increasingly popular presale.

PEPE has surged overnight largely because it’s compensating for recent losses and underperformance, with the token 37% down from the $0.00001717 ATH it hit in May.

It has lost some momentum this morning, yet after dipping in the early hours it has actually shot up by 4.5% in the past hour, with buyers quickly pouncing on it again.

Its indicators reflect this rebound, with its 30-day moving average (orange) rising steeply above the 200-day (blue), signalling its entry into a growth phase.

PEPE’s relative strength index is also bullish, since after diving from 80 to 60 a few hours ago, it has begun rising towards 70 again.

This would indicate that traders are turning to Pepe while the wider market continues to perform only modestly, with the meme token’s volume hitting $2.8 billion today.

This is massive for a meme coin, with numerous whales buying it up in the past couple of days.

Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.

Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.

Nascent currently holds