Popular Memecoin Pepe has risen more than 5% over the past 24 hours, powered by a high volume breakout that helped token’s price increase over a recent level of resistance.
The upward trend formed on a number of higher low low, a sign of sustained purchase interest, according to Coindesk Research’s technical analysis data model. Volume increases accompanied each movement higher, suggesting that larger investors can accumulate.
While the rally has technical strength, the wider context is more complicated.
Trade volume across Pepe derivatives has fallen 73% since mid-July according to Coinglass data. This decrease in the activity comes in the midst of an increase in the Pepe -token holdings of the 100 largest addresses at the Ethereum network. Over the past 30 days, these addresses added 2.36% to their inventory, while the exchange reserves fell by 2.4% per year. Nansen.
The increase in Pepe’s price is probably tied to a running rally in risk assets, driven by growing expectations that the Federal Reserve will reduce interest rates by 25 BPS in September. CME’s FedWatch tool is currently weighing a 93% chance of it happening, while polyming dealers are putting chances of 79%.
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