Pepe Memecoin Surges 30% in a Week Amid Explosive Trading Volumes

Pepe’s price rally signals a revival in the memecoin market, with trading volumes and market sentiment reaching new highs.

Pepe (PEPE), the frog-themed Ethereum-based memecoin, has experienced a remarkable 31% surge in the past week, marking its strongest rally since early August. As memecoins across the market gain momentum, Pepe’s trading volumes have exploded, tripling over the past seven days and sparking renewed interest in the often volatile sector of cryptocurrency.

Pepe’s price currently stands at $0.00001076, representing a 68% leap from its local low on September 6. Trading volumes hit a staggering $1.3 billion on September 27, a 35% increase over the past 24 hours alone, and a massive 316% increase over the past week. This surge has pushed Pepe’s market capitalization back above $4 million, solidifying its position as the third-largest memecoin, behind only Dogecoin (DOGE) and Shiba Inu (SHIB).

In a surprising turn, Pepe’s trading activity even outpaced Dogecoin, with $700 million more in volume recorded on September 27. After weeks of sideways price action, Pepe seems to be breaking out, regaining its footing in the broader memecoin rally.

The bullish movements in Pepe reflect a larger trend sweeping across the memecoin market. DOGE, SHIB, and other memecoins like Solana-based Dogwifhat (WIF) and Base’s Brett (BRETT) have all posted impressive double-digit gains in recent days. DOGE and SHIB, in particular, have jumped 20.7% and 50% respectively over the past week, with the total market value of memecoins now reaching $53.7 billion, up 34.5% according to CoinMarketCap.

The sudden resurgence of memecoins appears to be driven by investors’ renewed appetite for risk-on assets, with over $8.5 billion in trading volume recorded across the memecoin sector in the last 24 hours. Additionally, data from Alternative’s Crypto Fear & Greed Index shows a shift in market sentiment, rising from “fear” a month ago to “greed,” now sitting at 61. This shift suggests that investors are feeling more confident about jumping back into the market.

Pepe’s technical breakout has further fueled optimism. On September 20, the token’s price broke out of a descending parallel channel, flipping key exponential moving averages (EMAs) to support levels, which has triggered bullish momentum. Popular cryptocurrency analyst Cryptojack noted on X (formerly Twitter), "The price of $PEPE broke out of the descending channel. I expect it to continue pumping."

Short-term bullish action could see Pepe’s price push toward a major resistance level of $0.00001260, driven by the momentum of its relative strength index (RSI), which currently sits at 73, signaling an overbought market. While this presents an opportunity for profit-taking and a potential short-term correction, the outlook remains positive as long as Pepe holds its current support above the channel’s upper boundary.

Should the token lose its support, however, a bearish scenario could emerge, with downside targets ranging between $0.00000668 and $0.00000596. But for now, Pepe’s performance is giving the memecoin market a fresh dose of optimism as investors closely watch its next moves.

photo source / Blockonome