PEPE interest surges 92% – Does this mean more gains for the memecoin?
Will PEPE's breakout hold even as some whales close long positions?
Key Takeaways
PEPE interest over time was at 92%, with price action showing renewed bullish momentum. At the same time, the bear market trendline has been broken.
Pepe [PEPE] was up only a modest 2% in the last 24 hours as at the time of press. The memecoin had reclaimed the market cap to above the $5B mark following a dip that took it to $2.65B, its lowest point this year.
Since the bottom in March 2025, PEPE has been slowly reclaiming its market share and that has not gone unnoticed.
PEPE interest reignites
Using the Google Search to gauge interest over time, the metric showed that PEPE’s had spiked to 92% from a low of 42%.
Interest is key in determining the movement of memecoins as they are driven majorly by crypto communities. This has been reflected in other memecoins like Dogecoin [DOGE] which was at 65 and rising.
On the flip side, interest also rises when markets are at their peaks. This opens another layer of dilemma on the memecoin, especially now that PEPE has broken it long-term hurdle.
Bear market flip or not yet?
Meanwhile, PEPE has broken the bear market trendline that has held price since the highs of the 9th of December 2024.
PEPE entered a free fall with price reaching $0.00000568 in March, where it created a double bottom. The breakout occurred on the 10th of July, and the retest was confirmed five days later.
PEPE looks headed toward the $0.000016, which, if broken, could take PEPE back to the highs seen in the last quarter of 2024.
However, the current breakout could be false if price failed to hold above it. The trendline break could mark a flip of the bear market to a bullish one considering the time it had stayed significant.
Additionally, the volume of PEPE, which was seller-dominated in the last two days, had returned to the control of bulls as of press time.
PEPE’s dilemma!
As the price flipped bullish, there was dilemma, as evidenced by the activities of some whales and the NVT ratio.
As per Onchain Lens on X (formerly Twitter), James Wynn closed his longs on PEPE and Ethereum [ETH] at a profit of $538,500.
Meanwhile, the whale chose to go long on Dogecoin [DOGE] with 10x, suggesting PEPE could fall a little for correction after the breakout.
More analysis as per IntoTheBlock showed, the NVT ratio was at 43.21 which meant the value of token was low relative to its price. The last 24-hour change had declined 30.92%.
The value was ranging between 26 and 120.
As for its correlation with BTC and ETH, the memecoin was at 0.92 and 0.95 respectively in the last 30 days. The total addresses with balance were 431.29K.
