PEPE, the frog-themed meme coin, is witnessing massive activity on the cryptocurrency market that could signal bullish sentiment. In the past 24 hours, over 1.14 trillion PEPE have been traded in a move that signals renewed interest in the asset.

PEPE’s price performance

According to data from CoinMarketCap, the market volume of PEPE has soared by a significant 19.74% to $2.13 billion. This spike in trading volume occurred as investors and traders alike move to take positions in anticipation of a possible market rally.

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Notably, the increased interest has triggered a price surge for PEPE. As of this writing, PEPE is exchanging hands at $0.00001868. This represents a 2.15% increase as the meme coin fights to maintain price stability.

In earlier trading, the PEPE price soared to $0.00001941 before experiencing mild fluctuations due to market dynamics. However, the token has found $0.0000185 to be a crucial support level as it has traded above that mark so far despite fluctuations.

Market observers consider this significant progress for PEPE, given that within the last seven days, the coin plunged to a low of $0.00001455. In a show of resilience, PEPE has commenced a retracement journey that shows promise if it can sustain the momentum.

Can Pepe witness price rally?

Analysts maintain that for PEPE to rediscover price levels close to the $0.00002760 mark it hit in the second week of December, the community must be robust. Notably, positive sentiment from the meme coin community could fuel the asset’s rebound.

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For instance, Elon Musk, billionaire innovator renowned for his love of memes, created a buzz for Pepe recently. In a post on X, he shared a meme on how certain users on the social media platform treat information and news featuring PEPE.

Additionally, the activity of whales in the community could help determine price direction as PEPE begins to climb back to previous levels.