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The recent price rally is likely tied to a broader market trend, with growing expectations of a Federal Reserve interest rate cut in September.
Aug 7, 2025, 3:11 p.m.
Popular memecoin PEPE has risen more than 5% over the last 24 hours, powered by a high-volume breakout that helped the token’s price surge above a recent resistance level.
The upward trend formed on a series of higher lows, a sign of sustained buying interest, according to CoinDesk Research's technical analysis data model.. Volume spikes accompanied each move higher, suggesting that larger investors may be accumulating.
While the rally has technical strength, the broader context is more complicated.
Trading volume across PEPE derivatives contracts has dropped 73% since mid-July according to CoinGlass data. That drop in activity comes amid a rise in the PEPE token holdings of the 100 largest addresses on the Ethereum network. Over the past 30 days, these addresses added 2.36% to their holdings, while exchange reserves dropped by 2.4%, per Nansen.
The rise of PEPE’s price is likely tied to an ongoing rally in risk assets, driven by growing expectations that the Federal Reserve will cut interest rates by 25 bps in September. The CME’s FedWatch tool is currently weighing a 93% chance of that happening, while Polymarket traders place chances at 79%.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
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NEAR Protocol Posts 5% Recovery Amid Volatility Surge
NEAR Protocol surged 5% in a 24-hour rally before late-session volatility erased gains, as institutional flows met resistance amid shifting macroeconomic conditions.
What to know:
- NEAR Protocol rallied 5% from $2.47 to $2.60 between 6 August 15:00 and 7 August 14:00 UTC, driven by institutional accumulation and strong volume amid global macro uncertainty.
- A final-hour volatility spike from 13:06 to 14:05 UTC erased earlier gains, as NEAR tested $2.61 before selling pressure pushed it back to $2.60, forming fresh support near $2.598.
- Broader economic tensions and shifting monetary policy continue to influence crypto flows, with NEAR’s late-session retracement reflecting profit-taking and potential institutional distribution.
