Pepe price rose for the second consecutive day as a sense of optimism spread in the crypto industry following encouraging inflation data.
The $PEPE token climbed to $0.0000095, marking a 25% increase from its lowest level this month. It joined other meme coins like Dogwifhat (WIF) and Dogecoin (DOGE) in this recovery.
Pepe’s rebound was mostly driven by the performance of Bitcoin, which rose above $59,000 on Thursday. Bitcoin rose as investors bought the dip after it dropped to $53,700 last week.
The token has risen in a high-volume environment, signaling continued demand among traders and investors. Data shows that its three-day volume averaged over $1.16 billion, higher than in the previous period. The rise also coincided with an increase in the crypto fear and greed index to 40. While it remains in the fear zone, it has bounced back from this week’s low of 35, indicating potential movement toward the neutral point in the near term.
Like other altcoins, Pepe rose after the US inflation numbers pointed to a potential interest rate cut by the Federal Reserve. In a report, the Bureau of Labor Statistics (BLS) said that the headline and core Consumer Price Indices (CPI) dropped to 3.0% and 3.30%, respectively.
Pepe has held above a key support
Some crypto traders believe that Pepe price has more upside. In an X post, one trader noted that the token has found some strong support at the 200-day Exponential Moving Average (EMA).
Pepe price chart
As shown above, the token has failed to break that support two times this month, meaning that bears are likely afraid of placing bets below that level. It has also formed a falling wedge pattern, a popular bullish sign.
Another trader noted that the next Pepe bull run could be sparked by the potential spot Ethereum ETF approval. Some analysts believe that the Securities and Exchange Commission (SEC) could approve these funds as soon as this month.
— Donny (@DonnyDicey) July 11, 2024$PEPE – sometimes it's that simple..
This could be sparked by the Ethereum ETF going live, bringing hype back to the market for upside
Not saying it's likely, but this would cause another wave up for memecoins
Even if it just makes it to 5.5bil market cap again$ETH $SOL $BTC pic.twitter.com/pqugPhkunw
Meanwhile, some whales are still buying Pepe, hoping for a price bounce. Data shows that a whale bought 126.5 billion PEPE tokens worth over $1.5 million. In addition to Pepe, the wallet also holds other tokens like Ethereum (ETH) and zkSync (ZK).
— PEPAY (🐸,🪺) backed by $PEPE (@pepaycoineth) July 10, 2024Whales continue to accumulate $Pepe
This fresh wallet accumulated 126.5 billion $Pepe today, equivalent to 1.15 million USD. The $Pepe was accumulated via related wallet.
The wallet has a holding of 1.6 million USD with $Pepe its largest holding followed by $ZK and $ETH in… pic.twitter.com/9KP9kBOFPp