PEPE interest surges 92% – Does this mean more gains for the memecoin?

Key Points

1. PEPE's market interest surged to 92%, but its price only increased by 2% in the last 24 hours, reclaiming a market cap above $5B after a dip to $2.65B earlier in the year.

2. PEPE's breakout occurred on July 10th, with a retest confirmed five days later, potentially targeting $0.000016 if the trend continues.

3. Whale activity showed mixed signals, with one whale closing profitable long positions on PEPE and Ethereum, while opening a 10x long position on Dogecoin, suggesting a possible correction for PEPE.

4. The NVT ratio for PEPE was at 43.21, indicating the token's value was low relative to its price, with historical values ranging between 26 and 120.

5. PEPE's correlation with BTC and ETH was high, at 0.92 and 0.95 respectively over the last 30 days.