PEPE surges 10% as memecoin sets its sights on 2024 highs
PEPE’s chart mirrors 2024’s breakout setup. Is the real rally just beginning?
Key Takeaways
PEPE’s rally lifted profitable holders to roughly 68%, fueling talk that a Q4 2024-style surge could be brewing.
The memecoin market reclaimed the $80 billion mark, led by Dogecoin [DOGE] at $35 billion, Shiba Inu [SHIB] at $7.9 billion, and Pepe[PEPE] at $5.1 billion.
Ethereum-based memecoins drove the push as ETH reclaimed the $4,000 level. Naturally, PEPE rallied 10.8% in the past 24 hours to $0.00001237, at press time, per CoinMarketCap.
Month-to-date gains stood at 18.3%, though the token remained 36% lower on a year-to-date basis
“Interesting spot to start a bull run”
Analyst Galaxy suggested PEPE was mirroring a 2024 setup that delivered a threefold surge from $0.000010 to $0.000032.
The current consolidation appeared larger, which, in theory, could produce a stronger breakout. If history repeated, targets near $0.000030 or higher were possible.
Having said that, failure to hold the retest could trap the token in extended consolidation, especially given August’s historical underperformance for crypto.
PEPE’s max pain levels
From the liquidation data, the max pain levels for PEPE were at $0.0000126 with $1.29 million shorts, while $1.48 million longs were at $0.0000114. The overnight run liquidated more than $2.56 million shorts.
The highest liquidation leverage levels below price were at $0.0000121, $0.0000119 and $0.0000110. The three alone accounted for about $4 million. Another cluster was also forming at the $0.0000115 level.
On the upper side, the main levels were at $0.0000124 and $0.0000126 with $1.12 million and $1.14 million, respectively.
Clearing these zones could power more upward potential as a ripple effect of short squeezes.
Assessing accumulation and profitability
IntoTheBlock data signaled growing retail accumulation, with addresses holding $10 to $1 million worth of PEPE hitting new highs. Whales, however, stayed flat.
Meanwhile, Dune data recorded 6.72 million total transactions, with 1.19 million buyers and 838,771 sellers.
The rally lifted profitable holders to 68%, cutting ‘Out of the Money’ addresses to roughly 32%, at the time of writing.
The largest token concentrations sat at $0.000012, holding 38.87 trillion PEPE, and $0.000013, with 31.38 trillion tokens.
Of course, how holders react to these bands could decide if PEPE’s 2025 mirrors its 2024 rally.
