Pepe Price Surges as Bulls Test Descending Channel

The Pepe coin has been one of the most traded meme tokens since its launch in April 2023. Currently, it's trading at $0.00000448, up 5.6% over the past 24 hours.

Market capitalization stands at $1.886 billion, and there is no future dilution to worry about as all 420.69 trillion tokens are already in circulation.

The ownership of PEPE is heavily concentrated, with the top 100 wallets holding 76.88% of the total supply. Nineteen wallets alone hold at least one percent of the supply each.

From a technical analysis perspective, Pepe sits inside a descending channel on the 4-hour chart. The price is currently trading against the upper boundary of that channel, which could be a bullish sign if it breaks above and clears the first resistance at $0.00000481.