PEPE's 30% Breakout: Can Memecoin Reclaim Its Peak?

PEPE's prospects of a 30% breakout to regain its peak have been a topic of discussion among investors and traders. The memecoin's market capitalization has been climbing, up by 1.5% at press time, with volume surging as signs of accumulation build. This has led some to speculate that a 30% breakout could be on the horizon, allowing PEPE to reclaim its late-January peak.

The stakes are high for PEPE, which hit its early December peak of $0.00002836 before wiping out its gains from the Trump pump. The coin is now trading back at pre-election levels of $0.00000953. While a rebound from here is possible, PEPE's volatility keeps traders on edge. Since its peak, the coin has posted consistent lower lows, with no solid support forming at any key price levels.

However, there are signs that PEPE could be setting the stage for a big breakout. The coin has been consolidating between $0.00000860 and $0.00000980, which could indicate that a breakout is imminent if the right conditions fall into place. If this support fails, though, it could trigger a massive sell-off of 14.06 trillion PEPE coins, dragging the memecoin dangerously close to its key floor of $0.00000770.

PEPE's future hangs in the balance, with the top ten PEPE token holders already dumping a staggering $9 trillion by mid-February. This has left them with just $165 trillion in their treasuries, raising concerns about the memecoin's ability to maintain its current price levels. A 30% rebound seems like a distant dream at this point.

The rise in derivatives trading has also increased volatility, with $1 million in long positions being squeezed despite rising volume. This could be just the beginning of a trend that sees PEPE's market capitalization, now over $3.30 billion, continue to close in on the coin.