Memecoins Rally: Pepe Coin Surge By 11%, Is a Zero About to Vanish?

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Memecoins have broken away from the recent bearish cryptocurrency market trends, recording substantial gains over the past 24 hours. While major cryptocurrencies like Bitcoin are struggling and have hit a monthly low of $58,554, memecoins are performing well.

Leading this memecoin surge is Pepe coin (PEPE), with a significant price increase of 15% over the past week and an 11% jump in the last 24 hours. Currently, PEPE is trading at around $0.00001185, breaking out of a period of still trading.

PEPE To Eliminate Another Zero

In a recent tweet post renowned crypto analyst Decilizer recently highlighted the bullish prospects for Pepe coin (PEPE). He suggests that if Bitcoin maintains its bullish momentum, PEPE could see significant gains, potentially even shedding a zero from its current price.

PEPE has been in a corrective phase for about a month, following its previous all-time high. Moreover, the recent price correction has formed a falling wedge pattern over the past month. This pattern is often seen as a bullish sign, indicating that a significant breakout to the upside could be imminent. 

If this breakout occurs, PEPE’s price could surge by 96%, reaching a new all-time high of $0.00002096.

PEPE Technical Analysis

Analyzing PEPE’s price movement reveals promising signs. The coin has recently surpassed its 50-day simple moving average (SMA), which is typically seen as a bullish signal. Alongside this, PEPE’s 24-hour trading volume has surged by 105%, indicating a notable increase in investor interest.

Currently, the relative strength index (RSI) for PEPE sits at 48 and is trending upwards. It has also crossed above its moving average on the daily timeframe, indicating a potential setup for further upward movement.

Memecoin Stealing The Spotlight

But Pepe isn’t the only memecoin showing gains amid a generally bearish market. Several other meme-inspired cryptocurrencies have also posted impressive gains in the past 24 hours.

Solana-based Dogwifhat (WIF), which captured attention earlier in 2024 by reaching a $4 billion market cap, has joined the rally, showcasing a 23% surge in a day. Meanwhile, Popcat (POPCAT) experienced a remarkable 50% surge, showcasing its growing popularity among traders. 

Similarly, Mog Coin (MOG) saw a 39% price increase, further highlighting the ongoing trend of meme coins outperforming the broader crypto market.