Frog-Themed Memecoin Pepe PEPE/USD Leads Wednesday's Rally

Frog-themed cryptocurrency Pepe PEPE/USD spearheaded Wednesday's memecoin rally, clocking double-digit gains.

Frog-themed cryptocurrency Pepe PEPE/USD spearheaded Wednesday's memecoin rally, clocking double-digit gains as technical indicators flashed bullish signals.

What Happened: The Ethereum ETH/USD-based token soared 15.41%, becoming the best-performing meme coin in the last 24 hours.

The coin's trading volume also surged by 8% to reach $950 million, making it the second-most traded meme coin in the last 24 hours.

A few crucial technical indicators turned bullish for the coin following the rally.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price indicator, flashed a "Buy" signal for PEPE, according to TradingView. The Momentum indicator also painted a bullish narrative.

The speculative interest also surged. The Open Interest in PEPE futures spiked 8.60% in the last 24 hours to reach $220 million, the highest it has been in over ten days, according to Coinglass.

See Also: House Committee Votes To Include Stablecoin Regulation In Financial Bill

The speculative interest in the memecoin futures market is heating up as we approach the crucial House vote on the Financial Innovation and Stability Bill. The bill, which aims to regulate the cryptocurrency industry, is expected to be voted on by the full House of Representatives on Thursday.

A majority of the House Committee on Financial Services members voted Wednesday evening to include an amendment by Rep. Bill Huizenga, R-Mich., to the bill that would create a framework for regulating stablecoins. The vote was 10-7 in favor of the amendment.

The committee also voted 14-4 against an amendment by Rep. Maxine Waters, D-Calif., to add an article to the bill that would express the majority of the committee's views on topics such as the risks posed by cryptocurrencies and the role of the Federal Reserve in the cryptocurrency domain.

Later Wednesday evening, the committee voted 12-6 against an amendment by Rep. Stephen Lynch, D-Mass., to exclude from the bill any provision relating to a stablecoin.

Why It Matters: Well-known analyst Max Schwartzman made a useful observation about the memecoin price action, comparing it against Dogecoin DOGE/USD.

"This helped me catch the generational entry on PEPE. A second chance is brewing here for those who missed it last run," the analyst opines.

Yes, the PEPE/DOGE pair looks incredibly good.This is THE SIGNAL for memes… how they pair against the BTC of meme coins ( $DOGE).This helped me catch the generational entry on $PEPE. A second chance is brewing here for those who missed it last run. https://t.operability.gov/bill/118/amendment/1096666608086488888/text

The analyst further added that the technical setup on the PEPE chart is "heating up."

"The MACD is about to flip, and we're already seeing some good price action with the lower timeframe. We might be able to get a nice entry point soon!" Schwartzman said.

PEPE Price Action: At the time of writing, PEPE was trading at $0.000007206, up 15.41% in the last 24 hours, according to Benzinga Pro.

The memecoin price is still down 64% year-to-date.