PEPE has gained 45% in the last 24 hours, driven by Ethereum’s strong performance above $2,200, with trading volumes skyrocketing 400% to $3.87 billion.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
2 mins read
PEPE PEPE $0.000009 24h volatility: 1.5% Market cap: $3.71 B Vol. 24h: $591.98 M has continued with its bullish stand while rising another 45% today amid a strong Ethereum rally, leading the altcoin space. As a result, the PEPE market cap has risen to $5.32 billion, with daily trading volume increasing by 400% to $3.87 billion today, showing strong trader interest.
Despite the solid 50% gains from the PEPE price rally over the last two days, market analysts believe there’s still potential for further growth. A prominent member of the Pepe community, known as Fyre, has expressed optimism, suggesting that the coin could soon hit a $10 billion market cap. Emphasizing his bullish sentiment, analyst Fyre noted:
“This chart’s got ‘send me to the moon’ energy written all over it. I’ve been bullish, still bullish, and staying strapped in. $PEPE isn’t done writing history.”
Is $10B the next pit stop for $PEPE?
This chart's got "send me to the moon" energy written all over it.
I’ve been bullish, still bullish, and staying strapped in $PEPE isn’t done writing history. pic.twitter.com/V9SJT20ObY
— Fyre (@fyrechartz) May 9, 2025
Coinglass data shows that the PEPE future open interest has shot up by 15.5%, moving to $523 million, with 24-hour liquidation soaring to $20 million, of which $13 million is in short liquidation.
Currently trading at $0.00001091, levels last observed on February 4, Pepe has surpassed its 200-day Exponential Moving Average (EMA), signaling a potential continuation of its upward trend.
Pepe’s price chart. Source: Trading View
Along with the PEPE price increase, the overall meme coin sector is witnessing strong upside with Dogecoin DOGE $0.18 24h volatility: 5.1% Market cap: $27.07 B Vol. 24h: $1.05 B , Shiba Inu SHIB $0.000014 24h volatility: 2.3% Market cap: $8.04 B Vol. 24h: $173.43 M , BONK BONK $0.000019 24h volatility: 2.3% Market cap: $1.46 B Vol. 24h: $206.99 M and other gaining 12-17% each.
The recent PEPE Coin price increase can be attributed to several factors. As an Ethereum-based meme coin, Pepe rallied alongside Ethereum’s ETH $1 845 24h volatility: 2.6% Market cap: $222.72 B Vol. 24h: $14.22 B climb above $2,200, a milestone not reached in months. This recovery comes after Pepe experienced a sharp decline of over 50% in recent months.
Historically, Pepe’s performance is closely tied to Ethereum’s momentum. Consequently, its future price trajectory will largely hinge on whether Ethereum maintains its upward trend.
On Binance, optimism among traders is evident, with 65% holding long positions on PEPE, pushing the long/short ratio to 1.86. This dominance of long positions in the derivatives market could provide the momentum needed for Pepe’s price to target its next resistance level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.