Pepe Coin (PEPE), an Ethereum-based memecoin, experienced a significant price surge following a post by former U.S. President Donald Trump on Truth Social. The post featured a grayscale image of Trump with the popular Pepe the Frog meme character, instantly captivating the crypto community. This viral moment triggered a fast rally in PEPE's price, climbing above $0.00001493, representing a 7.7% increase with a 24-hour trading volume reaching $1.64 billion and market capitalization rising to $6.07 billion.
While Trump's post was not an explicit endorsement of the memecoin, the cultural and political association generated widespread attention, enhancing PEPE’s popularity and influence in the speculative meme token sector. Analysts have identified key technical resistance levels at $0.000018 and $0.000026, with a potential upside exceeding 80% from current levels if these thresholds are broken. The price movement is supported by technical indicators such as the 0.618 Fibonacci support level, a bullish engulfing candle pattern, rising wallet activity and liquidity, and a relative strength index (RSI) of around 64, indicating solid but non-overextended bullish momentum.
This episode exemplifies how cultural and political events can intersect with and significantly impact highly speculative memecoins. The attention from Trump, a prominent political figure with a massive following, has brought PEPE and the broader memecoin market into mainstream conversations, potentially signaling growing acceptance or at least heightened awareness of crypto's cultural footprint. The surge in PEPE’s price also appears to positively influence other meme tokens like Floki Inu (FLOKI), as sentiment around meme coins turns bullish again.
However, memecoins remain extremely volatile and speculative, driven mostly by social media trends and community sentiment rather than fundamental utility. Investors are advised to conduct thorough research and approach such assets with caution due to inherent risks. The event highlights the unpredictable nature of memecoin price action and the increasing intersection of digital assets with political and cultural narratives.