Key Insights:
- PEPE is now the most traded meme coin, surpassing Dogecoin.
- Smart Money is backing PEPE with $4.2M in net inflows.
- Bullish momentum and volume suggest a $10B market cap is in sight.
Pepe (PEPE) has surpassed Dogecoin (DOGE) on 24-hour trading volume making it the most traded memecoin. The surge follows a series of bullish signals, such as the high-volume breakout, strong smart money flows, and the increasing market interest in retail and institutional participation.
PEPE Leads Memecoin Trading Activity
In just 24 hours, PEPE achieved $2.33 billion of trading volume, handily beating Dogecoin to become the number one memecoin traded. This increased activity indicates that more traders are getting interested, which usually occurs just when a strong trend starts.
PEPE now stands as the 6th most traded cryptocurrency as overall, lagging only significant assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This market positioning increases the visibility of the token and could attract additional capital by new market entrants that look for high-volatility possibilities.
PEPE has crossed $4.6 billion regarding market cap and remains among the top trending tokens. Over the past 24 hours, PEPE has gained over 32.9%, while the 7-day gain stands at 24.6%, outperforming many large-cap cryptocurrencies.
Smart Money Signals Enter PEPE
Blockchain data company Nansen says that PEPE was the second most purchased token by “Smart Money” wallets. Such wallets mostly belong to experienced traders, large funds or early investors who always find trends before others.
In the last 24 hours, Smart Money wallets had a net inflow of $4.22 million into the PEPE. Analysts often see such activity as an indicator of informed capital coming to market. Combined with a quantitative surge of volume and price, this might strengthen the pulse of the developing rally.
The build-up by such wallets also points to positions ahead of a possible continuation move. With heightened exposure to institutional-grade capital, retail speculators and seasoned investors are now paying attention to PEPE following the market momentum.
Technical Setup Points to Bullish Continuation
Based on the chart shared by the market analyst FyreChartz, it can be seen that PEPE is trending to further bullish movements. The chart shows a steep upward direction being supported by increasing volume and momentum indicators in the market.
A key component in this setup is the breakout from previous resistance zones, accompanied by a spike in volume. This indicates strong buying interest and may suggest that a larger move is underway. If current conditions persist, the analyst points to a potential target of $10 billion in market cap.
This recent dramatic price increase mirrors the past breakout tendency in high-volatility tokens. Analysts are looking to see if PEPE can hold its upward trend trajectory through the next resistance levels.
Positive Funding Rate Reaffirms Long Bias
The funding rate of PEPE’s open interest (OI), tracked by Coinglass, shows growing bullish sentiment. The data shows that the rate has stayed positive, which means more traders are placing bets that the price will go up and are willing to pay extra fees to hold those positions.
Growing prices on the back of positive funding rates imply that market participants are becoming more bullish on further upside. The OI-weighted funding rate is one of the most direct indicators of market sentiment, and persistent positivity for this indicator is a good sign for further price growth.
The alignment of funding rates with upward price movement also suggests that current bullish positioning is backed by real demand, not just short-term speculation.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.