PEPE Surges 17% as Bitcoin Rally and Whale Activity Drive Meme Coin

PEPE, a popular meme coin, experienced a significant surge of 17% over the past 24 hours, outperforming most other altcoins. This rally was driven by a combination of factors, including the bullish momentum from Bitcoin's recent rise to $116,000, a key technical breakout, and increased whale activity. Bitcoin's surge was fueled by growing institutional demand and a bullish market sentiment, which likely contributed to the broader crypto market's positive momentum. Additionally, PEPE's price movement was supported by a technical breakout, indicating a shift in market dynamics that favored the coin. On July 10, PEPE's price broke out of a falling wedge pattern after weeks of sideways consolidation, confirming a bullish reversal. Indicators supporting this breakout included an RSI (14) at 65.13, showing room for continued upside, a bullish MACD crossover with rising histogram bars, and price clearing the 23.6% Fibonacci retracement at $0.0000122, with the next key level at $0.00001479.

Whale activity also played a crucial role in PEPE's surge. On-chain data showed that whales accumulated over 9 trillion PEPE, worth more than $90 million, between June 29 and July 9. This reduced the token’s exchange supply by 2.9%, tightening available float. Currently, the top 10 PEPE holders control 37.5% of total supply, a concentration that creates significant buy-side pressure. Meanwhile, open interest in PEPE futures climbed, pointing to a sharp rise in leveraged bullish positioning. This alignment of factors—Bitcoin's rally, technical breakout, and whale buying—created a favorable environment for PEPE's price surge, highlighting the interconnected nature of the crypto market and the influence of both technical and institutional factors on coin performance.

Despite the RSI (7) hitting 79.79, suggesting short-term overbought conditions, the combination of technical breakout, whale accumulation, and Bitcoin-led momentum gives PEPE a strong near-term setup. Traders now eye $0.000014 as the next target. However, the rally’s sustainability may depend on Bitcoin holding above $116,000 without heavy profit-taking. The broader crypto market added in capitalization, while derivatives volume surged, reflecting heightened risk appetite and speculative inflows chasing momentum. Historically, memecoins have shown a strong correlation with Bitcoin-led rallies, and PEPE’s latest move reinforces that dynamic. The surge reflects heightened risk appetite and speculative inflows chasing momentum.