Pepe (PEPE) price broke the $0.000010 level for the first time since March 15th. According to data from Cointelegraph Markets Pro and TradingView, PEPE rose 34% in the last 24 hours to hit a new record of $0.00001119 on Binance.
PEPE’s trading volume increased 245% over the past 24 hours to $1.56 billion, and its market capitalization jumped to $4.31 billion, surpassing Ethereum Classic (ETC) to become the 23rd largest cryptocurrency by market capitalization. .
PEPE’s achievement follows the return of ‘Roaring Kitty’, Keith Gill’s account on social media platform X, which has been dormant since June 2021.
On the night of May 12, the account posted an image showing a man holding a controller and trying to sit down on a chair as if trying to concentrate. X and Reddit users interpreted this as a “lock-in” period, a colloquial term for Gill’s term for a period of intense attention.
Gill was at the center of the 2021 meme stock craze when shares of GameStop and AMC Entertainment soared more than 1,000% by the end of the year.
The May 13 rebound saw PEPE prices rebound from the rising trend line that had supported them since mid-April. The recent rally saw PEPE rise above the critical resistance level, which has supported prices since March.
This is the area that runs from $0.00000875 to $0.000010 and must be defended by the bulls to secure the uptrend.
The relative strength index (RSI) headed north and showed an upward trajectory similar to the price. 70’s strong price strengthened buyers’ market power.
Related: Memecoin was the ‘most profitable cryptocurrency story’ in the first quarter of 2024.
On the other hand, a daily candle below the rising trendline at $0.00000875 would see the price fall towards the $0.0000070 and $0.000080 demand areas included in the 20-day and 50-day exponential moving averages.
The Solana-based GameStop memecoin rose more than 550% on the return of Roaring Kitty, while the AMC token rose 1,200%, according to data from DEXTools. Large meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) were higher by 5% and 7%, respectively.
Stocks associated with Gill and other “meme stocks” also rose. GME stock rose as much as 44% in pre-market trading, and surged as high as 110% just before the market opened before trading was halted.
As observed by trading resource The Kobeissi Letter, movie theater chain AMC Entertainment Holdings was up 12% premarket and up as much as 25% after Wall Street opened.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.