The popular Memecoin Pepe has grown by more than 5% in the past 24 hours, supported by a massive breakout that has brought the token price to rise above recent resistance levels.
According to Coindesk Research’s technical analysis data model, an upward trend formed at a series of higher lows is a sign of continued buying interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Despite the technical power of the assembly, the broader context is more complex.
Trading volume between PEPE derivative contracts has dropped 73% since mid-July Small shop data. The rise in Pepe token holdings of the 100 largest addresses on the Ethereum network, and the decline in activity is increasing. In the past 30 days, these addresses have increased their shares by 2.36%, while exchange reserves have dropped by 2.4%, Nansen.
The rise in Pepe’s price is likely to be related to the ongoing rally of risky assets, as expectations are growing that the Fed will lower interest rates by 25 basis points in September. CME’s FedWatch Tools are currently taking place at 93% of the chance of weight, and Gather market traders Set the opportunity at 79%.
Disclaimer: Part of this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information, see Coindesk’s complete AI policy.
