PEPE surges 33% in 5 days: Are new highs coming?

• Pepe saw another all-time high.
• Its Open Interest was also nearing its all-time high.

Pepe [PEPE] can’t be stopped, can it? It has reached several all-time highs in price over the past few days and has just climbed to another one.

These changing ATHs have also boosted the interest and trading volume for the memecoin.

Pepe hits another ATH

AMBCrypto’s analysis of Pepe [PEPE] on the daily time frame price trend revealed its most robust performance in history.

The chart illustrated a remarkable pattern, where each new all-time high (ATH) was swiftly followed by the formation of another ATH in almost the subsequent trading session.

Using the price range tool, it was evident that PEPE had surged by over 33% between the 21st of May and press time.

Source: TradingView

At the time of writing, it was trading with an increase of over 1% at approximately $0.000015, marking yet another ATH.

Additionally, the Relative Strength Index (RSI) indicated a strong bull trend, with a reading of over 75, signaling both bullish momentum and overbought conditions. There was also a recent surge in demand for it.

Pepe holders and volume increase

Between the 15th of May to press time, the number of Pepe holders has surged by over 12,000.

AMBCrypto’s look at the total number of holders revealed that on the 15th of May, there were approximately 218,000 holders.

However, at the time of writing, this figure had risen to over 230,000, indicating a significant increase in demand for the memecoin as more traders entered the market.

Source: Santiment

Moreover, its trading volume indicated heightened activity in recent days. The volume has consistently surpassed $2 billion, with a peak of over $4 billion observed on the 22nd of May.

As of press time, the volume stood at over $1.5 billion. With such a high trading volume, Pepe may soon reach another all-time high (ATH).

Interest building up in Pepe

Pepe’s Open Interest revealed a recent upward trend. According to Coinglass, it had surged to almost $160 million at the time of writing.

The recent peak surpassed $163.5 million, marking the highest level in its history. This surge in Open Interest indicated a significant influx of cash into the memecoin at the moment.

Read Pepe’s [PEPE] Price Prediction 2024-25

The increase in Open Interest is likely attributable to the rising demand for it, which could potentially drive its price even higher.

This influx of cash suggests growing investor interest and confidence in the meme coin’s market prospects.