Popular Memecoin PEPE Surges Over 5%

Popular memecoin PEPE has risen more than 5% over the last 24 hours, fueled by a high-volume breakout that allowed the token’s price to surmount a recent resistance level.

The upward trend is characterized by a series of higher lows, indicating sustained buying interest, according to CoinDesk Research’s technical analysis data model. Each upward movement has been accompanied by volume spikes, suggesting larger investors are accumulating.

While the rally exhibits technical strength, the broader context remains complex.

Trading volume of PEPE derivatives contracts has fallen 73% since mid-July, as indicated by CoinGlass data. This reduction in activity coincides with an increase in PEPE token holdings among the 100 largest addresses on the Ethereum network. Over the past 30 days, these addresses have increased their holdings by 2.36%, while exchange reserves have decreased by 2.4%, according to Nansen.

The uptick in PEPE’s price appears to be linked to a wider rally in risk assets, driven by rising expectations that the Federal Reserve will reduce interest rates by 25 basis points in September. The CME’s FedWatch tool currently suggests a 93% chance of this occurring, while Polymarket traders estimate the likelihood at 79%.

Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.