Frog-themed memecoin Pepe (CRYPTO: PEPE) extended its rally Monday as Bitcoin's (CRYPTO: BTC) record-breaking run kept risk-on sentiment high.
PEPE Builds Momentum
The third-largest meme cryptocurrency by market capitalization spiked over 3% in the last 24 hours, with trading volume jumping 10% to $664 million.
In doing so, PEPE outperformed the more popular coins such as Bitcoin (CRYPTO: BTC), XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) in the 24-hour period.
With the latest spike, the Ethereum (CRYPTO: ETH)-based coin pushed its weekly returns to more than 9%.
PEPE's speculative market energized, with open interest surging 7.50% over the last 24 hours, according to Coinglass.
See Also: Pepe (PEPE) Price Predictions: 2025, 2026, 2030
Is PEPE Dependent On BTC?
Widely followed cryptocurrency analyst Chandler drew parallels between PEPE's ongoing trajectory and February 2024, when it surged sharply.
"Once Bitcoin's RSI broke above 80, PEPE went up over +1000% in less than a month," the analyst pointed out. Notably, Bitcoin's Relative Strength Index was 71 as of this writing, according to TradingView.
As far as PEPE was concerned, the RSI remained "Neutral," while the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a "Buy" signal.
The optimism comes amid Bitcoin’s record-shattering rally, as the apex cryptocurrency topped $126,000 for the first time on Monday.
Price Action: At the time of writing, PEPE was exchanging hands at $$0.00001014, up 3.56% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Morrowind on Shutterstock.com
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