Pepe (PEPE) has surged 9.3% in 24 hours, dramatically outperforming major cryptocurrencies including Bitcoin and Ethereum, as the memecoin leads gains among top-100 digital assets. The rally comes amid renewed retail interest and speculative momentum in alternative tokens, raising questions about whether PEPE can sustain its breakout momentum against broader market conditions.

Why Is Pepe Outperforming Bitcoin, Ethereum?

Pepe’s (PEPE) upswing could be fueled by Canary filing for an ETF with the SEC. ETFs have become a key pillar of the cryptocurrency landscape, and a filing could be read as a bullish outlook from the fund manager. ETFs have also become a type of validation within the crypto space. Although the fund has not been approved by the SEC as of yet, the filing itself may have elevated investor sentiment.

Pepe’s (PEPE) rally also comes amid a larger market rebound. Bitcoin (BTC) reclaimed the $75,000 price level on April 15, leading to a market-wide resurgence. Canary’s ETF filing and the market rebound may have aided PEPE’s price rally.

However, the crypto market is still quite fragile. Bitcoin (BTC) is currently facing resistance at the $75,500 price level. Moreover, interest rates are likely to remain unchanged. Geopolitical tensions are also quite ripe. Global conflicts, high rates, and a slow market environment may not birth confidence for memecoins such as Pepe (PEPE). There is a high chance the the frog-themed cryptocurrency will see a price dip if market conditions remain the same.

CoinCodex analysts also do not expect Pepe (PEPE) to continue its rally. The platform anticipates the memecoin’s price to fall to $0.000002589 on April 25, 2026.