Frog-themed cryptocurrency Pepe PEPE/USD defied the broader slump in the meme coin market to post gains on Monday.
What happened: The Ethereum ETH/USD-based coin was up 1.25% in the last 24 hours, contrasting with the sharp decline in blue-chip meme coins.
Indeed, Dogecoin DOGE/USD and Shiba Inu SHIB/USD fell 2.97% and 1.85%, respectively, while the overall meme coin market capitalization fell 2.9%.
PEPE, on the other hand, traded in the green, with trading volumes surging by 164% to $982.68 million.
See Also: PlanB Shifts Bitcoin Holdings To ETFs Saying He’s No Longer A ‘Maxi’ — Peter Schiff Reacts: Apex Crypto ‘Not Fulfilling Its Supposed Purpose’
A widely followed cryptocurrency analyst, known by the pseudonym World Of Charts, noted PEPE's breakout from a descending broadening wedge pattern, prompting a 30-35% bullish forecast.
Note that a descending broadening wedge is a bullish reversal formation, characterized by two sloping and diverging trend lines.
Why It Matters: In the last 24 hours, the total balance held by PEPE’s long-term holders increased by 0.33%, according to IntoTheBlock. A surge in accumulation typically indicates bullish sentiment.
Moreover, large transactions valued over $100,000 more than doubled in the last 24 hours, indicating strong engagement from whales.
That said, over 50% of PEPE futures traders were bearishly positioned, according to Coinglass' Long/Short Ratio, signaling a likelihood of a pullback.
Additionally, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Sell” signal for PEPE, according to TradingView.
Price Action: At the time of writing, PEPE was exchanging hands at $$0.000009860, up 1.25% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Akif CUBUK/Shutterstock.com
Read Next:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
