Pepe hits all-time high, memecoins soar after popular GameStop stock trader ‘comes back’
The price of Pepe (PEPE) increased the level of $0.000010 for the first time since March 15th. According to data from Cointelegraph Markets Pro and TradingView, PEPE has rallied 34% in the past 24 hours to hit a new record high of $0.00001119 on Binance.
PEPE's trading volume increased by 245% to $1.56 billion in the last 24 hours and its market capitalization increased to $4.31 billion, surpassing Ethereum Classic (ETC) to become the 23rd largest cryptocurrency by market capitalization.
PEPE's performance follows the return of Roaring Kitty – Keith Gill's account on social media platform X, which has been dormant since June 2021.
On the evening of May 12, the account posted a picture of a man holding a monitor and moving to sit forward in his chair as if to focus. Users on X and Reddit say it's a time to “lock down,” which Gil translates to a time of intense focus or concentration.
Gill was at the center of the 2021 mm stock disappointment, with GameStop and AMC Entertainment and other stocks up more than 1,000% by the end of the year.
The May 13 rebound saw PEPE's price break from the uptrend that had been supporting it since mid-April. The latest rally has seen PEPE rise above a critical resistance level, which has supported the price since March.
This is the stretch from $0.00000875 to $0.000010, which the bulls will have to defend to protect the rally.
The Relative Strength Index (RSI) was trending northward and showed an upward trend similar to the price. The price strength at 70 strengthened the dominance of buyers in the market.
Related: Memecoins Were ‘Most Profitable Cryptocurrency' In Q1 2024
On the other hand, a daily candle below the growth line at $0.00000875 indicates that the price has dropped to the $0.0000070 and $0.000080 interest zones on the 20-day and 50-day exponential moving averages.
According to data from DEXTools, the Solana-based GameStop memecoin jumped more than 550% on the return of Roaring Kitty, while the AMC token jumped 1,200%. Large cap memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) were up 5% and 7% respectively.
Stocks related to Gill and other “meme stocks” also rallied. GME's stock price rose as much as 44% in premarket trading and rose as much as 110% in the open market before trading was halted.
Cinema chain AMC Entertainment Holdings rose 12% in premarket trading and rose as much as 25% after the Wall Street open, according to trading input from the Kobeisi letter.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
