PEPE Leaps 10% as Golden Cross Sparks Memecoin Frenzy

The frog-themed memecoin PEPE skyrocketed 10% over the past 24 hours, climbing to $0.00001049 as technical signals fueled optimism for continued gains in the broader memecoin space.

PEPE’s price surged from $0.00000949 to $0.00001049, peaking earlier in the session at $0.00001077 before easing back slightly.

A significant bullish indicator, known as a golden cross—where the short-term moving average crosses above the long-term average—has appeared on PEPE’s chart, pointing to the possibility of sustained upward momentum. Traders often view a golden cross as a signal that recent buying strength could evolve into a longer-term uptrend.

The rally saw explosive trading activity, with 13.7 trillion PEPE tokens changing hands in just one hour at the rally’s peak, followed by 7.7 trillion in the subsequent hour, highlighting the intense market interest.

The entire memecoin market is riding this wave of enthusiasm, with the CoinDesk Memecoin Index (CDMEME) jumping 11.4% in the last day.

Despite pulling back from its intraday highs, PEPE has secured solid support around $0.0000101, according to CoinDesk Research’s technical analysis. Fibonacci extension levels indicate that, if the rally persists, the price could aim for $0.0000110.

PEPE’s strong performance has outpaced the broader crypto market, as measured by the CoinDesk 20 (CD20) index, which rose 5.92% over the same period.