Pepe the Frog Meme Coin (PEPE) Responds With 40% Weekly Candle, Traders Call for New Highs

Crypto trader Javon Marks noted that Pepe has responded with a 40% weekly candle. He predicts Pepe to have another "39% upside coming to reach those levels before a continuation above."

(Nasdaq: PEP) Pepe (CRYPTO: PEPE) recent rally has seen the meme coin clock gains of over 20% in the past 24 hours and is now priced at $0.053.

The recent price action has attracted the attention of crypto traders, who are now speculating on the next price levels for PEPE/USD.

What Happened: Crypto trader Javon Marks noted that PEPE has responded with a 40% weekly candle. He predicts PEPE to have another "39% upside coming to reach those levels before a continuation above."

Another heavily followed crypto trader marked a key level to trigger momentum towards new all-time highs.

Davie Satoshi analyzed Pepe's technical chart, noting it has broken out of all downward channels and has entered a new phase. He highlighted the bullish momentum of the meme coin as it "regains $5 billion market cap" for the first time since early July.

Price Action: In the past 24 hours, PEPE has gained 21.8% for a 40% weekly gain.

Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader

Why It Matters: On-chain analytics platform Scopescan noted Nascent, a venture capital firm, swapping its Maker (CRYPTO: MKR) position to PEPE and Lido DAO (CRYPTO: LDO). The firm deposited 1,200 MKR to Binance and withdrew 141B PEPE, 280,000 LDO and 3 million USDT.

This sparked optimism about Pepe's future price movements. With this transaction, Nascent now holds 608.85 billion PEPE, valued at $7.49 million.

IntoTheBlock data shows large transaction volumes increasing by 134% and daily active addresses growing by 52%. Transactions greater than $100,000 increased from 150 as of July 14 to 353 as of July 15.

Pepe’s daily volume also surpassed that of BNB at $3.2 billion compared to $2.1 billion, despite the latter having a market capitalization of 17x than the former. This makes Pepe the most-traded meme coin at the moment, leaving behind meme coin leaders like Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), Dogwifhat (CRYPTO: WIF) and others.

The Impact: The recent price action and analysis come amid a broader downturn in the cryptocurrency market, with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both trading lower.

However, meme coins have largely bucked the trend, with several meme coins clocking double-digit gains in the past 24 hours.

The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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