Ethereum News Today: PEPE Memecoin Surges 92% Breaking Bear Market Trendline

PEPE, a memecoin, has experienced a notable surge in interest, with a 92% increase over time. This surge has been accompanied by a renewed bullish momentum in its price action, indicating a potential shift in market sentiment. The bear market trendline has been broken, suggesting that the memecoin may be poised for further gains. This development is noteworthy as it reflects a growing interest in memecoins, which have historically been driven by community support and social media hype. The breakout from the bear market trendline is a technical indicator that often signals a change in market direction, and in this case, it suggests that PEPE could be entering a bullish phase.

PEPE's price action has shown renewed bullish momentum, with the memecoin reclaiming its market cap to above the $5 billion mark following a dip that took it to $2.65 billion, its lowest point this year. Since the bottom in March 2025, PEPE has been slowly reclaiming its market share, and this has not gone unnoticed. The memecoin was up only a modest 2% in the last 24 hours as at the time of press, but the overall trend suggests a positive outlook. The breakout from the bear market trendline, which had held the price since the highs of December 9, 2024, is a significant development. The breakout occurred on July 10, and the retest was confirmed five days later, indicating a potential shift in market sentiment.

However, the current breakout could be false if the price fails to hold above it. The trendline break could mark a flip of the bear market to a bullish one, considering the time it had stayed significant. Additionally, the volume of PEPE, which was seller-dominated in the last two days, had returned to the control of bulls as of press time. This suggests that there is growing interest in the memecoin, which could drive further gains. The NVT ratio, which measures the value of a token relative to its price, was at 43.21, indicating that the value of the token was low relative to its price. The last 24-hour change had declined 30.92%, suggesting that there may be some correction in the near future. The value was ranging between 26 and 120, indicating that there is still room for growth.

As the price flipped bullish, there was some dilemma, as evidenced by the activities of some whales and the NVT ratio. As per Onchain Lens on X (formerly Twitter), James Wynn closed his longs on PEPE and Ethereum [ETH] at a profit of $538,500. Meanwhile, the whale chose to go long on Dogecoin [DOGE] with 10x, suggesting PEPE could fall a little for correction after the breakout. This suggests that there may be some volatility in the near future, but the overall trend remains positive. The memecoin's correlation with BTC and ETH was at 0.92 and 0.95 respectively in the last 30 days, indicating that it is closely tied to the broader cryptocurrency market. The total addresses with balance were 431.29K, indicating that there is a growing number of investors in the memecoin.

In conclusion, the surge in interest in PEPE, coupled with the breakout from the bear market trendline, suggests that the memecoin may be poised for further gains. However, investors should exercise caution and conduct thorough research before making any investment decisions. The cryptocurrency market is highly volatile, and past performance is not indicative of future results. The activities of whales and the NVT ratio suggest that there may be some volatility in the near future, but the overall trend remains positive. The memecoin's correlation with BTC and ETH indicates that it is closely tied to the broader cryptocurrency market, and the growing number of investors suggests that there is still room for growth.