PEPE, the viral frog-themed meme coin, has once again grabbed traders’ attention after a decisive breakout above $0.000012, which has now flipped into support. The Pepe coin became one of the highest-gaining tokens in the last 24 hours, with a 31.62% increase to $2.05 billion.
Ethereum Price Rally Fuels Meme Coin Momentum
Part of PEPE’s renewed energy stems from the broader market. Ethereum price rallied 9.77% on July 16, lifting ERC-20 meme coins alongside it.
As reported today, ETH is about 9.73% away from breaking out of a large accumulation triangle that has lasted for four years. It has shown signs of a possible major resistance point against Bitcoin (ETH/BTC). If ETH surpasses this point, experts expect it could lead to a significant price increase.
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Historically, PEPE has correlated closely with ETH/BTC momentum during bullish periods, and this rally was no exception.
On-chain metrics back up this renewed confidence. Whale transactions increased 6.63% on July 16, signaling large investors are accumulating. Additionally, exchange balances have dropped 2.6% over the past month, resulting in fewer coins available for immediate sale.
CoinMarketCap data also shows that PEPE now has over 462,000 holders, representing a 2.8% increase in 30 days, indicating steady adoption.
This reduction in sell-side liquidity combined with whale activity often precedes extended upward price movements, especially when paired with strong technical setups.
Pepe Price Prediction: Where Could $PEPE Go Next?
The latest tweet from popular analyst Max highlights a critical historical parallel. Last time Ethereum broke out in a similar setup, PEPE followed with a sharp upward move against the entire asset class.
Looking at today’s setup, we’re seeing the same signals. There is a clear breakout in prices and strong support levels. Ethereum’s momentum is helping drive this change. Data shows that whales are buying more, while selling pressure is decreasing. This is happening in a supportive macroeconomic environment, particularly after concerns about regulation have subsided.
If this pattern repeats, PEPE price could see a 20–40% short-term rally, retesting its previous local highs around $0.000018. In a more extended bullish scenario, reclaiming $0.00002 is possible.
However, as with all meme coins, volatility remains high. Any sudden market reversal, especially if the Ethereum price loses momentum, could trigger quick pullbacks.
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