Pepe price rose on Wednesday, becoming one of the best-performing memecoins in the industry.

Memecoin Pepe (PEPE) rose by 8.2%, reaching a high of $0.00001308, its highest point since June 26. 

Pepe open interest has risen

Its rally happened in a high-volume environment as the 24-hour figure jumped to $1.6 billion, higher than Dogecoin (DOGE) and Shiba Inu (SHIB) combined. Dogecoin had a 24-hour volume of $939 million while SHIB had $277 million. 

Pepe’s rebound also happened when the open interest in the futures market rose to the highest point since June 7th. It had over $155 million in open interest, mostly from Bitget and OKX. 

There are also signs that whales – big holders – have continued to accumulate the Pepe token, which explains why it has risen by over 72% from its lowest point this month. 

Data by Etherscan shows that the number of Pepe holders has continued rising this month. They crossed 264,000 on Wednesday and this trend may continue if its rebound continues.

There was no clear catalyst that pushed Pepe higher on Monday. A likely reason is the fact that the fear and greed in the crypto industry has moved to the greed zone after the Ethereum ETF approval this week. In most periods, meme coins like Pepe and Cat in a Dogs World (MEW) do well when there is a sense of greed in the market. 

Analysts are bullish on Pepe price

Crypto traders have also identified several bullish patterns that could push it higher in the coming days. One analyst noted that it had formed an inverse head and shoulders pattern, a popular bullish sign.

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Another $PEPE smiley face aka head and solders pattern playing out. pic.twitter.com/9AJtxKQOC6

— Plazma (@Plazma0x) July 24, 2024

Others identified a bullish flag pattern, which is characterized by a long flagpole and a rectangle pattern, as shown below. 

Pepe has been one of the best-performing cryptocurrencies since 2023. It has risen by almost 800% in the past 12 months while Dogecoin, Shiba Inu, and Ethereum have risen by less than 125%. 

This year, however, it has faced stiff competition from Solana-based meme coins like Dogwifhat, Popcat, and Cat in a dogs world.