Meme coins are rallying, with PEPE leading the charge to a new all-time high of $0.00001096.
This rally follows GameStop stock trader Keith Gill, famously known as “Roaring Kitty,” returning to his social media platform, X, after a three-year hiatus.
PEPE Hits All-Time High
PEPE has skyrocketed, with its price surpassing the $0.000010 mark for the first time since March 15. At the time of reporting, PEPE is trading at $0.00001086, marking a 22% increase in the past 24 hours, according to data from CoinGecko.
The coin’s trading volume has also surged by 290.5% to $2.14 billion, with its market capitalization rising to $4.35 billion, making it the 28th largest cryptocurrency by market value.
According to data from TradingView, PEPE’s recent rally was supported by a rebound off the ascending trendline, which has been in place since mid-April. The price surge has pushed PEPE above a critical resistance level, ranging from $0.00000875 to $0.000010.
The Relative Strength Index (RSI) shows an upward trajectory alongside the price while the RSI is at 70, indicating significant buyer dominance.
However, a dip below the ascending trendline at $0.00000875 could lead to a retracement towards the demand zone around $0.0000070 and $0.000080, supported by the 20-day and 50-day exponential moving averages.
Meme Coin Rally
PEPE’s performance coincides with the return of Keith Gill, whose “Roaring Kitty” account on X had been dormant since June 2021. On May 13, his account resurfaced with a post featuring an image of a man leaning forward with a controller.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Users on X and Reddit interpreted it as Gill signaling a period of focus, colloquially termed as “locking in.” “Hey bro what we buying,” one user replied; “Just in time for the meme coin supercycle,” another added.
Gill was a central figure in the 2021 meme stock frenzy, which saw assets like GameStop and AMC Entertainment skyrocket by 1,000% by the year’s end.
The return of Roaring Kitty caused a meme coin rally, with Solana-based GameStop memecoin (GME) surging over 350% and AMC token witnessing an over 900% increase. Established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced modest gains, with them rallying by 7% and 7.5%, respectively, according to CoinGecko data.
Stocks associated with Gill and other meme-related companies also rallied, with GameStop’s pre-market trading experiencing a 44% climb, briefly surging by 110% post-market open before trading was paused. AMC Entertainment Holdings also experienced a 12% increase in pre-market trading and surged 25% after the Wall Street opening bell on Monday.
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