Key Takeaways:
- Pepe price rose nearly 6% to $0.000003535 on April 6.
- Trading volume surged 130%, indicating strong buying pressure.
- On-chain data suggests early accumulation, hinting at a potential short squeeze.
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Pepe price jumps 6% as surging volume hints at short squeeze
Pepe’s price increased by nearly 6% to $0.000003535 on April 6 as a spike in trading volume suggested signs of renewed accumulation.
"A 130% increase in trading volume alongside a price jump of this magnitude often points to coordinated accumulation," said a researcher at CryptoQuant, a leading on-chain analytics firm. "This could be the precursor to a larger move."
The surge in volume, recorded across major exchanges, pushed the 24-hour trading total to nearly double the daily average for the past month. This activity comes after a prolonged downtrend for the Ethereum-based memecoin, which had been underperforming relative to sector leaders like Dogecoin and Shiba Inu.
The significant buying pressure could trigger a short squeeze, where traders who have bet against the asset are forced to buy back in, further fueling the rally. The next key resistance level for Pepe sits near the $0.000004000 mark, a level it has not tested since early in the year.
This article is for informational purposes only and does not constitute investment advice.
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