Pepe’s price surged this week, driven by Bitcoin’s recovery from a low of $53,700 to over $65,000. The PEPE token bottomed at $0.00000767 on July 5 but has since gained 57% to trade at $0.000012, its highest level since June 28.
Analysts are optimistic about Pepe’s price, noting it has become the most actively traded meme coin. Trading volume rose to over $1.2 billion, surpassing Dogecoin and Shiba Inu. Open interest in Pepe futures also increased to $148 million, indicating potential price movements.
Whales continue to accumulate Pepe, with one buying 1.39 trillion tokens worth $16.7 million. Another whale purchased 44.9 billion tokens, and another added 28.3 billion. This whale activity is seen as a positive indicator.
Bitcoin’s performance is crucial for Pepe and other altcoins. Bitcoin rose by 20% this month, while Pepe jumped by 56%. The strategic importance lies in Pepe’s growing popularity and trading volume, hinting at a potential ‘super bullish breakout.’
