PEPE, the popular meme coin, posted significant gains on Wednesday, climbing 6.57% in 24 hours to reach $0.00000650. The rally was accompanied by a surge in trading activity and a sharp imbalance in futures market liquidations, with bearish traders suffering the brunt of the losses.
The price movement comes amid broader market volatility affecting digital assets. Market analysts are closely watching a key technical threshold: the $0.00001078 level, which served as a launching pad for PEPE's record highs throughout 2024. This price point is identified as the midpoint of its Gaussian channel, a technical formation that combines the Supertrend indicator with the Stochastic Relative Strength Index to identify potential trend reversals. Breaking above this midpoint could signal a shift in market sentiment, while failure to hold it might result in renewed downward pressure.
Trading volume metrics reveal intense market interest. Spot market activity for PEPE reached $1.2 billion, placing it second only to Dogecoin among meme coins. Futures markets showed even stronger participation, with leveraged trading volume hitting $1.76 billion, surpassing its spot volume. This represents an 84% increase compared to previous periods, adding weight to bullish arguments as higher volume typically accompanies legitimate price trends.
The most striking data point comes from liquidation events. Over a 24-hour period, $3.10 million in forced position closures occurred. Of this total, short sellers accounted for a staggering $2.99 million, indicating a severe imbalance in market positioning that heavily favored long positions.
In a subsequent session, PEPE's price action stabilized, trading at $0.055810 (a separate reported price point showing a 3.1% loss) within a tightly defined range between support at $0.055721 and resistance at $0.056043. Despite the dollar-pair decline, PEPE showed strength against major benchmarks, gaining 3.2% against Bitcoin (0.0106401 BTC) and 3.6% against Ethereum (0.081864 ETH). This cross-pair performance added context to the short-term positioning, with the defined trading range continuing to shape near-term market tracking.
