PEPE’s price has achieved a remarkable new alltime high (ATH) following a 20% surge, propelling its market cap to exceed $11 billion as analysts predict a 150% upswing.
PEPE has maintained its upward momentum, establishing a new record in both price and market capitalization. This meme-inspired cryptocurrency saw a 20% increase in the last 24 hours, reaching a pinnacle of $0.00002622.
With its market cap surpassing $11 billion, the cryptocurrency community is intently observing the price dynamics, with some analysts forecasting a possible 150% rise.
PEPE Sets New Record in Market Capitalization and Price
Having reached a historic peak today, PEPE has surpassed a $10 billion market capitalization, solidifying its status as the third-largest meme coin by valuation. Pepe’s market cap has now escalated to over $11 billion, making it the 20th largest digital asset in the entire cryptocurrency landscape.
This milestone follows a period of sustained growth since early November when PEPE’s price embarked on a significant rally. During this time, the coin witnessed a staggering 100% weekly increase, spurred on by important exchange listings, including Coinbase and Robinhood.
Though it pulled back by 25% in the following weeks, whale accumulation provided solid backing for the asset, leading to its recent revival.
Whale Accumulation Fuels New Rally
Recent on-chain insights reveal that whales have been pivotal in PEPE’s latest upswing. Reports indicate noteworthy accumulation of PEPE by major investors in recent weeks, with multiple high-value transactions documented. Such actions have diminished available supply in the market, generating upward pressure on the price.
A rise in trading activity within the derivatives market has also accelerated the rally. PEPE’s derivatives trading volume surged by 78%, hitting $1.67 billion, while open interest swelled by 39% to $368 million.
These figures demonstrate increasing interest from traders and investors, further enhancing the asset’s upward path.
PEPE Targets 150% Growth Amid Positive Forecasts
As PEPE’s price continues its ascent, market analysts are suggesting the potential for a 150% increase in the forthcoming weeks.
Currently trading at $0.00002622, some analysts, including JAVON MARKS, are predicting a possible move to $0.000063.
PEPE’s recent performance has ignited discussions about its capability to surpass SHIB, should it climb to $1. SHIB presently maintains a $19 billion market cap, leaving an $8 billion gap between the two tokens. While some investors see this as a formidable target, others are optimistic that the ongoing market cycle could allow PEPE to bridge the divide.
