The popular same memecoin Pepe has increased by more than 5% in the last 24 hours, powered by a high volume break which helped overvoltage of the token prices above a recent level of resistance.
The upward trend has been formed on a highest series of lows, a sign of sustained purchase interest, according to the Technical Analysis Data Model of Coindesk Research.
While the gathering has a technical strength, the wider context is more complicated.
The volume of negotiation between the PEPE derivative contracts has dropped 73% since mid-July according to Coringlass data. This drop in activity occurs in the middle of an increase in PEPE tokens of the 100 largest addresses on the Ethereum network. In the past 30 days, these addresses have added 2.36% to their assets, while the exchange reserves fell 2.4% by Nansen.
The rise in power of the PEPE price is probably linked to an ongoing rally on risk assets, driven by increasing expectations that the Federal Reserve will reduce the interest rates of 25 BPS in September. The CME’s Fedwatch tool is currently 93% like this, while Polymarket merchants have been added to 79%.
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