Pepe's Meteoric Rise: Will the Memecoin Maintain Its Momentum?

Pepe's rally has been one of the strongest performers in the crypto market over the past week, according to Glassnode data. Dogecoin (DOGE) rose by 33% in a week, but Pepe (PEPE) surged by an impressive 61%. In just 24 hours, its price climbed 23.9%, with daily trading volume up 123% per CoinMarketCap data.

The spot inflows were strong, with $8.18 million flowing into the market on August 21st, indicating aggressive buying pressure. The derivatives market's fervor was matched by rising spot trading volume, which has been heating up over the past month.

The CMF was at +0.32, confirming heavy buying pressure. However, the swing structure on the 1-day timeframe remains bearish, and traders are advised to take profits and wait for a potential momentum reversal.