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Frog-themed meme coin PEPE has made a significant price move, successfully erasing a zero from its value amid the recent market recovery. This surge comes as the broader crypto market rebounds, pushing several meme coins higher.
At the time of writing, PEPE was up 7.26% in the last 24 hours to $0.00001026, with four zeros now in its price tag. Earlier today, PEPE's price comprised five zeros, having previously dropped to a low of $0.00000958.
According to CoinMarketCap data, PEPE's trading volume has risen in the last 24 hours to over $871 million, signaling increased trading activity. PEPE began to recover after hitting a low of $0.00000843 on Feb. 7. The comeback continued, with PEPE reaching intraday highs of $0.0000106 in Tuesday's trading session.
Whale activity has also contributed to PEPE's rebound, with large transactions spotted as investors scoop up PEPE in bulk. In the last 24 hours, PEPE's large transaction volume increased to $68.02 million, according to IntoTheBlock data.
The latest price movement has fueled speculation about further gains, with analysts closely watching key resistance levels - in this scenario, the daily SMA 50 at $0.00001572. If PEPE maintains its momentum, it could continue its bullish trend, potentially setting new highs.
For now, all eyes remain on PEPE as traders assess whether the current rebound has enough strength to sustain further price appreciation.
Crypto market rebounds
Digital assets gained on Tuesday as investors awaited Federal Reserve Chair Jerome Powell's appearance before Congress.
Investors are waiting for Powell's testimony before Congress, to be held on Tuesday and Wednesday. Investors will be watching attentively as Powell's speech provides new insights into the state of the U.S. economy and potential monetary policy decisions.
The market is anticipating a full week of economic data. The consumer price index reading for January, which will be reported on Wednesday, will reveal if the Fed is getting closer to its target of lowering the annual rate to 2%. The January producer price index, which monitors wholesale prices, is scheduled for release on Thursday.
Dan Burgin
U.Today Editorial Team
