$PEPE Jumps 18% as Bulls Target More Upside Amid Memecoin Rally

The Pepe meme token has seen significant growth in recent days, rising by 18% as bulls target more upside. Launched in April 2023 on the Ethereum blockchain, $PEPE quickly gained popularity and became one of the largest meme coins by market capitalization.

With a price currently trading at around $0.00000349, $PEPE has shown a 16.5% increase over the past 24 hours. The broader memecoin sector is also experiencing a rally, with Dogecoin, Shiba Inu, and Pudgy Penguins' PENGU all posting double-digit gains alongside PEPE.

The Pepe derivatives market has been active during this bounce, with $2.14M in positions getting liquidated over the past 24 hours. Shorts took the bulk of these losses at $1.45M against $686.40K on longs.