The Ethereum-based memecoin $PEPE has experienced a significant rally, with its price increasing by 23% in the past 24 hours and 30% on the day. This surge has been accompanied by high trading volumes, surpassing those of other prominent memecoins like $DOGE and $SHIB. The $PEPE community is optimistic about further gains, with many anticipating a continued upward trend despite resistance at previous ATHs.