Leading frog-themed meme coin, Pepe (PEPE) rallied more than 17 percent on Tuesday during the early New York session to trade around $0.00000773. The mid-cap meme coin, with a fully diluted valuation of around $3.25 billion at the time of this report, recorded a 40 percent spike in trading volume in the past 24 hours.
Why Is Pepe Price Surging?
Following the Bitcoin halving last weekend, more investors have been diversifying their crypto investments into speculative assets led by meme coins. According to market data provided by Coingecko, the total market cap for top meme coins surged by around 6 percent to about $58.3 billion.
Top meme coins led by Pepe, Floki, and Bonk among others surged nearly 20 percent.
Meanwhile, Coinbase International announced its 1000PEPE-PERP market is fully available for trading following the recent listing. The recognition of Pepe by Coinbase is a major milestone that will expose the meme coin to a wider global market.
PEPE Price Rally
Following today’s spike, Pepe’s price attempts to break out of a recent correction towards a new all-time high. According to a popular crypto analyst, Captain Faibik, PEPE price is well positioned for another 2-3X rally in the coming weeks. Notably, Pepe is already in price discovery mode on the weekly time frame following the bullish breakout earlier this year.
However, Pepe’s price must consistently close above the daily falling logarithmic trend to invalidate further correction in the near term. However, the next crypto market phase will be decided by Bitcoin’s price action, as it has been in major bull cycles.
