Pepe (PEPE) is making moves again, rallying 12% since yesterday as the rest of the meme coin market stays relatively flat.
Trading volume for the popular frog coin has also exploded.
Meanwhile, the new frog coin Wall Street Pepe (WEPE) is turning heads in its presale, having now raised $38.5 million.
PEPE Price Jumps – What’s Behind the Rally?
After ten days of sideways trading, PEPE is finally showing signs of life, climbing to $0.000019.
That’s its highest price since December 18.
PEPE has rebounded strongly, posting a 36% gain from its December 20 low – and the coin’s technicals suggest there might be more room to run.
Looking at the 4-hour chart, PEPE has just broken out of a wedge pattern to the upside, climbing above the 50-period EMA in the process.
With the daily RSI still hovering around 50, the coin could continue rising before it reaches overbought territory.
PEPE’s trading volumes back up the growing excitement.
Spot volumes have rocketed 140% in the past day, hitting $3.1 billion and making PEPE the most traded meme coin in the world.
It’s also the eighth most actively traded crypto globally.
Derivatives market activity is picking up too, with open interest jumping 26% to $91.9 million.
Elon’s PEPE Profile Picture & Bitcoin Bounce Fuel Pepe’s Recovery
PEPE’s rebound isn’t tied to any significant project announcements or updates.
This suggests technical factors and broader market momentum are driving the coin’s rally.
However, Elon Musk unexpectedly boosted PEPE this week by changing his X (formerly Twitter) profile picture to Pepe the Frog.
This could be why traders are rushing to get more PEPE tokens.
The broader crypto market is also providing a tailwind, with Bitcoin bouncing back to $93,900 after finding support at $92,000.
MicroStrategy’s latest shopping spree – adding another 2,138 BTC to its holdings – seems to have caused this price uptick.
This upward pressure creates the ideal conditions for meme coins (including PEPE) to bounce back.
The big question is whether PEPE can keep up this momentum.
PEPE rallied between December 20 and December 21, only to drop 15% immediately after.
This shows that, although PEPE has posted some impressive gains today, there’s still a chance the bullishness could be short-lived.
Wall Street Pepe Passes $38M in Presale as Traders Seek Utility-Focused Meme Coins
The current market conditions that have helped PEPE surge could set the stage for smaller meme coins to follow suit – especially those that offer something new.
While “pure” meme coins like PEPE still have their place, projects that combine degen appeal with actual utility have caught more attention in late 2024.
Wall Street Pepe stands out in this regard.
Although it’s still in presale, Wall Street Pepe has raised over $38.5 million so far.
Presale’s flowing. Candles are growing. $WEPE ain’t slowing.
pic.twitter.com/vqHonzkn1v
— Wall Street Pepe (@WEPEToken) December 30, 2024
Early investors can secure WEPE tokens during the presale for just $0.0003661 each before they hit the open market.
Most of the excitement around Wall Street Pepe is because it takes the popular Pepe theme and adds an actual use case.
WEPE holders gain access to an ecosystem containing trading tools, insights, strategies, signals, and more.
There will even be trading competitions offering tokenized rewards.
In simple terms, Wall Street Pepe provides traders with the resources to improve their market performance.
Not only that, but the project also has a built-in staking app for WEPE, offering annual yields of 34%.
Traders have already locked up more than 23.6 billion WEPE in this app.
With well-known crypto personalities like Matthew Perry backing the project and a clear focus on utility, Wall Street Pepe is in a great spot to capitalize on the current meme coin momentum – and potentially surge as PEPE has.
Visit Wall Street Pepe Presale
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