Pepe (PEPE) surges 9%, drawing interest from whales

Key takeaways

• PEPE is up 9% in the last 24 hours, making it one of the best performers among the top 50 cryptocurrencies by market cap.
• The rally comes amid renewed interest from whales and retail investors. 

Pepe (PEPE) has extended its gains by roughly 9% at press time on Thursday, as the broader cryptocurrency market recovers from a risk-off sentiment following truce negotiations between the US and Iran.

With large wallet investors, commonly referred to as whales, reaccumulating PEPE, and retail interest steadily rising, the frog-themed meme coin is gaining traction. 

PEPE rallies as the broader market recovers

The cryptocurrency market’s recovery is sparking a shift toward risk-on sentiment, with traders becoming more optimistic. 

This has led to renewed attention on meme coins, including Pepe. Data from CoinGlass shows that the PEPE futures Open Interest (OI) has surged by 20% in the past 24 hours, reaching $228.67 million. 

This increase suggest...