Popular memecoin Pepe surged 118% over the past two days to hit a 10-month high on Feb. 27.

The memecoin was trading at $0.0000026, up 58% over 24 hours, as of press time. The token hit a high of $0.0000029 before giving up some of the gains over the last two hours, based on CryptoSlate data.

Pepe’s market cap currently stands above $1 billion, with a 24-hour trading volume of $1.38 billion — up 480% over the past day.

Memecoins are one of the top sectors on CryptoSlate today, showing 11.8% in 24 hours and 16.91% in weekly gains.

Coinglass data shows the rally caused almost $4.4 million in shorts to be liquidated over the past 24 hours.

Market Momentum

Pepe Coin’s journey to a 10-month high was bolstered by the crypto market’s overall recovery momentum over the past two days, which saw several digital assets receive a significant uplift as Bitcoin reclaimed price levels last seen in 2021.

Pepe’s OI-Weighted Funding Rate saw a significant uptick, moving from 0.0169% to 0.12%, indicating a bullish sentiment among traders. The funding rate has since retreated to 0.06% amid the retracement.

However, the increase still suggests a growing

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Author: Assad Jafri

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