Pepe (PEPE) is witnessing quite a big price surge today. The memecoin has rallied by more than 14% in the last 24 hours. While the rally is welcome, the asset is still glowing red in the other time frames. The frog-themed crypto is down 3.7% in the weekly charts, 19.4% in the 14-day charts, 25.6% over the previous month, and 3.2% since June 2024.

Memecoins Surge Amid Market Rally

Pepe is not the other memecoin rallying today. The memecoin market, in general, seems to be moving full steam ahead today. Most major meme crypto projects are trading in the green zone in the daily charts. Some have even registered double-digit percentage gains in the last 24 hours.

Dogecoin (DOGE) is up 8%, Shiba Inu (SHIB) is up 9.6%, Bonk (BONK) is up 15.5%, Dogwifhat (WIF) is up 23.5%, and FLOKI (FLOKI) is up 14.4%.

PEPE and the larger memecoin market rally follow Bitcoin’s (BTC) surge to $104,000. The original crypto briefly fell to the $98,000 mark on June 23. The dip was likely due to uncertainties around global geopolitics. The US attacked three nuclear sites in Iran last week. Many feared an all-out war between the two nations.

The crypto market recovered after President Trump hinted at possible peace talks. The dip may have been further pushed after the Federal Reserve decided to keep interest rates unchanged.

Will Pepe Continue To Rally?

PEPE could continue its rally if global peace talks are taken seriously. Iran has retaliated by attacking a US military base in Qatar. We may see the rally continue if peace is brokered between all parties.

Also Read: Has Elon Musk Invested in Pepe Coin?

There is also a chance that PEPE will face a correction, along with the larger crypto market, if the conflict continues. Market participants may reduce exposure to risky assets, such as memecoins and other cryptocurrencies.