Frog-themed cryptocurrency Pepe (CRYPTO: PEPE) spearheaded Wednesday’s memecoin rally, clocking double-digit gains.
What happened: The Ethereum (CRYPTO: ETH)-based token soared over 15%, becoming the best-performing meme coin in the last 24 hours.
The coin’s trading volume leaped 8% to $950 million, making it the second-most traded meme coin in the last 24 hours.
A few crucial technical indicators turned bullish for the coin following the rally.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price indicator, flashed a “Buy” signal for PEPE, according to TradingView. The Momentum indicator also painted a bullish narrative.
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