Sokipiriye Dokubo
Pepe, a prominent memecoin, has hit an all-time high boosted by a general uptrend in the memecoin market spurred by the return of renowned GameStop stock trader Keith Gill, also known as “Roaring Kitty.” Gill’s comeback to his Roaring Kitty X account following a three-year absence triggered excitement in the cryptocurrency sphere, particularly for Pepe.
Pepe’s value soared above $0.000010 for the first time since March 15, reaching a new peak of $0.00001119 on the Binance exchange, representing a significant 34% surge within a day. The trading volume for Pepe also surged by an impressive 245% to $1.56 billion, boosting its market capitalization to $4.31 billion, exceeding that of Ethereum Classic and securing its spot as the 23rd largest cryptocurrency by market value.
Gill’s reemergence on the social media platform X came with a mysterious post featuring an image hinting at a period of intense focus, interpreted by users as a signal of potential market activity. Gill’s pivotal role in the 2021 meme stock craze, particularly with GameStop and AMC Entertainment, added to the anticipation around his return.
The rebound in Pepe’s price on May 13 was reinforced by its bounce off an upward trendline, demonstrating solid support since mid-April. Breaking through a crucial resistance level between $0.00000875 and $0.000010 emphasized the bullish momentum, with the relative strength index (RSI) indicating strong buyer control.
However, a daily candlestick below the upward trendline could prompt a decline towards a demand zone with potential support from the 20-day and 50-day exponential moving averages.
Gill’s return had a broader impact beyond Pepe, with Solana-based GameStop memecoin surging over 550%, and AMC token witnessing an extraordinary 1,200% leap. Major memecoins like Dogecoin and Shiba Inu also saw gains, reflecting the overall sentiment in the meme cryptocurrency sector.
In the traditional stock market realm, stocks linked to Gill and other “meme stocks” experienced significant surges, with GameStop shares rising by as much as 44% in pre-market trading and AMC Entertainment Holdings climbing 25% after the market opening, as reported by trading resource The Kobeissi Letter.