Pepe (PEPE) is making moves again, rallying 12% since yesterday as the rest of the meme coin market stays relatively flat.

Trading volume for the popular frog coin has also exploded.

Meanwhile, the new frog coin Wall Street Pepe (WEPE) is turning heads in its presale, having now raised $38.5 million.

PEPE Price Jumps – What’s Behind the Rally?

After ten days of sideways trading, PEPE is finally showing signs of life, climbing to $0.000019.

That’s its highest price since December 18.

PEPE has rebounded strongly, posting a 36% gain from its December 20 low – and the coin’s technicals suggest there might be more room to run.

Looking at the 4-hour chart, PEPE has just broken out of a wedge pattern to the upside, climbing above the 50-period EMA in the process.

With the daily RSI still hovering around 50, the coin could continue rising before it reaches overbought territory.

PEPE’s trading volumes back up the growing excitement.

Spot volumes have rocketed 140% in the past day, hitting $3.1 billion and making PEPE the most traded meme coin in the world.

It’s also the eighth most actively traded crypto globally.

Derivatives market activity is picking up too, with open interest jumping 26% to $91.9 million.

Elon’s PEPE Profile Picture & Bitcoin Bounce Fuel Pepe’s Recovery

PEPE’s rebound isn’t tied to any significant project announcements or updates.

This suggests technical factors and broader market momentum are driving the coin’s rally.

However, Elon Musk unexpectedly boosted PEPE this week by changing his X (formerly Twitter) profile picture to Pepe the Frog.

This could be why traders are rushing to get more PEPE tokens.

The broader crypto market is also providing a tailwind, with Bitcoin bouncing back to $93,900 after finding support at $92,000.

MicroStrategy’s latest shopping spree – adding another 2,138 BTC to its holdings – seems to have caused th