The price of Pepe coin rose on Friday as Bitcoin's ongoing rally pushed most meme coins higher and the total cryptocurrency market cap to more than $128 billion.

baby (baby), the third largest meme coin, rose to $0.000020, its highest level in 10 days. This rebound occurred in a high-volume environment, with 24-hour trading volume rising to $1.32 billion, the highest point in a week. In addition, open interest in futures contracts reached a record high of $560 million.

Other top coins jumped this week. Dogecoin (Doug(Jumped by 26%, while Dujoyvat jumped)WIF) and Fartcoin by more than 20% and 70%, respectively.

The main driver of this rise appears to be recent economic tailwinds in the United States. The Bureau of Labor Statistics released positive results Inflation dataShowing a decline in the core CPI to 3.2%. These numbers spurred a strong rebound in cryptocurrency and stock prices as bond yields fell.

Pepe and other cryptocurrencies have also benefited from optimistic reports about the incoming Donald Trump administration. In a statement this week, Trump announced that he is considering prioritizing US cryptocurrency projects when creating a strategic reserve.

Another report said so Encryption will be a big priority In the next administration. While Bitcoin will benefit the most from all of this, other coins in the ocean, like Pepe, will benefit as well.

Bitcoin had already risen to $104,000 before Trump's inauguration. If this momentum continues, Bitcoin could rise to an all-time high of $108,000, followed by the psychological level of $110,000. Such a rally would likely push coins like Pepe higher.

Pepe coin price analysis

The daily chart shows that the Pepe coin price has rebounded strongly this week. This rebound came after the formation of a hammer candlestick pattern on Monday, which is a commonly recognized reversal signal in cryptocurrency markets.

Baby stayed above the 100-day moving average. Additionally, it has formed a falling wedge chart pattern, which is a popular bullish reversal indicator characterized by two bearish and converging trend lines.

As a result, Pepe is likely to face a bullish breakout, potentially reaching a high of $0.00002837, its all-time high.