The value of Pepe (PEPE) has reached the $0.000010 mark for the first time since March 15. Data from Cointelegraph Markets Pro and TradingView reveals that PEPE has surged by 34% in the past 24 hours, reaching a new all-time high of $0.00001119 on Binance.
PEPE’s trading volume has increased by 245% in the last 24 hours, reaching $1.56 billion. Its market capitalization has also risen to $4.31 billion, surpassing that of Ethereum Classic (ETC) and making it the 23rd largest cryptocurrency by market value.
This surge in PEPE’s performance coincides with the return of “Roaring Kitty” – Keith Gill’s account on the social media platform X. The account had been inactive since June 2021. On the night of May 12, the account posted an image of a man holding a controller and leaning forward in his chair, indicating a period of intense focus or concentration.
Gill was at the center of the 2021 meme stock frenzy when shares of GameStop and AMC Entertainment, among others, skyrocketed by over 1,000% by the end of the year.
The recent rebound on May 13 saw the PEPE price bounce off the ascending trendline, which has been supporting it since mid-April. The latest rally has pushed PEPE above a crucial resistance level that has been holding the price since March.
To maintain the upward trend, bulls need to defend the range between $0.00000875 and $0.000010.
The relative strength index (RSI) is showing an upward trajectory similar to that of the price, indicating the dominance of buyers in the market.
However, if the daily candlestick falls below the ascending trendline at $0.00000875, the price could decline 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 based on Solana has surged by over 550% with the return of Roaring Kitty, while the AMC token has jumped by 1,200%. Larger-cap memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have seen increases of 5% and 7% respectively.
Stocks associated with Gill and other “meme stocks” have also experienced a rally. GME share prices rose by as much as 44% in pre-market trading and surged by 110% at market open before trading was halted. Cinema chain AMC Entertainment Holdings saw a 12% increase in pre-market and rose by as much as 25% after the Wall Street open.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.