Pepe coin price surged on Friday as the ongoing Bitcoin rally pushed most meme coins higher and the total crypto market cap past $128 billion.
Grandpa (PEPE), the third largest coin, reached $0.000020, its highest level in 10 days. This rebound occurred in a high volume environment, with 24-hour trading volume reaching $1.32 billion, the highest point in a week. Additionally, open interest on futures contracts reached an all-time high of $560 million.
Other top coins surged this week. Dogecoin (DOGE) jumped 26%, while Dogwifhat (Wi-Fi) and Fartcoin soared over 20% and 70% respectively.
The main driver of this recovery appears to be the recent favorable economic dynamics in the United States. The Bureau of Labor Statistics released positive results inflation datashowing that the core consumer price index fell to 3.2%. These numbers sparked a sharp rally in crypto and stock prices as bond yields fell.
Pepe coin and other cryptocurrencies have also benefited from optimistic reports about the new Donald Trump administration. In a statement this week, Trump said he plans to prioritize U.S. crypto projects when creating a strategic reserve.
Another report said that crypto would be a big priority in the new administration. Although Bitcoin will be the biggest beneficiary of all this, other coins on the periphery, like the Pepe coin, will also benefit.
Bitcoin already climbed to $104,000 before Trump’s inauguration. If this momentum continues, Bitcoin could rise to its all-time high of $108,000, followed by the psychological level of $110,000. Such a rally would likely send coins like Pepe even higher.
Pepe Coin Price Analysis
The daily chart shows that the price of Pepe coins has rebounded strongly this week. This rally follows the formation of a hammer candlestick pattern on Monday, a commonly recognized reversal signal in crypto markets.
Pepe remained above the 100-day moving average. Additionally, it formed a descending wedge chart pattern, a popular bullish reversal indicator characterized by two converging bearish trendlines.
As a result, Pepe is likely to experience a bullish breakout, potentially hitting a high of $0.00002837, its all-time high.