The cryptocurrency world has been gripped by meme coin fever in 2024, with assets like Dogwifhat and Book of Meme capturing investors' imaginations. One of the greatest meme coins, is Pepe, which is really turning heads this week after a major exchange announcement on April 22nd, 2024. Coinbase revealed it would begin offering perpetual futures contracts for trading Pepe after 9:30 am UTC on 23 APR 2024. The addition of these derivatives trading options on one of the largest crypto exchanges has given the Pepe token a significant price boost in recent days.

As of writing today, PEPE is trading at around $0.000008002, up over 17% in the last 24 hours and a great reading of over 56% over the last 7 days, according to CoinMarketCap data. The coin has a circulating supply of 420.6T PEPE and a market cap of $3.4 billion, making it the 38th largest crypto asset. The surge has driven over $1.6 billion worth of Pepe trading volume in the last 24 hours, a 67% increase in the same timeframe. While still a relatively small player compared to Bitcoin and Ethereum, Pepe's double-digit 24-hour gains has put it among the top performers across all cryptocurrency markets.

PEPE Data Chart (CoinMarketCap)

Pepe's origins trace back to one of the internet's earliest memes – the infamous frog character popular on forums like 4chan in the early 2010s. The token started largely as a joke or meme coin itself, but has maintained a surprising amount of staying power and value over the years.The addition of Pepe perpetual futures is an exciting step for the Coinbase exchange and crypto traders everywhere. As appetite grows for trading these iconic meme coins and alt assets.
Technical analysts see further upside potential for Pepe in the near-term after its recent breakout, but caution that some retracements are likely given the volatility of the past few days. Let's take a closer look.

PEPE Technical Analysis

Pepe has recorded two straight weeks of bullish price action after creating a swing low around $0.00000393 on April 13th when it slightly filled a large fair value gap. However, the weekly RSI is nearing overbought territory currently reading at 67, suggesting a near-term correction could be in the cards to retest recently broken resistance.

On the daily timeframe and over the past seven daily candlesticks, Pepe has closed bullish in all of them and has rocketed over 52% higher on massive volume. On April 23rd, the price broke out above a bullish flag pattern that had been forming. It is likely to face immediate resistance at the recent high of $0.000009020, where some profit-taking could materialize given the RSI reading of 61 is nearing an overbought reading. A pullback before we get to the recent high of $0.000009020 could find support around $0.00000640 as a retest to the broken out double support of the bullish flag and a horizontal resistance. 

PEPEUSD Daily Chart (TradingView)

In the shortest timeframes of 4 hours, Pepe is charging hard towards the $0.000009020 level, with momentum readings at extremely overbought levels. This suggests the likelihood of some near-term profit-taking back towards the $0.00000640 area to ease those stretched conditions.

PEPEUSD 4-Hour Chart (TradingView)

While the meme coin mania seems far from over, it's wise to manage your risks carefully in this wildly volatile Pepe market. Nevertheless, Coinbase's launch of perpetual futures for this asset class validates its staying power and bullish momentum in the crypto space. Also, here are five other points to prove that PEPE is a good investment.