As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bubbles and trends. However, the meteoric rise of PEPE has left even the most hardened market veterans scratching their heads.
PEPE has persisted with its upward trend, setting a new record in both price and market value. The meme-inspired cryptocurrency experienced a 20% increase over the past day, peaking at $0.00002622 – a fresh all-time high.
With its market value exceeding $11 billion, cryptocurrency enthusiasts are keeping a keen eye on any future price fluctuations. Some financial experts even speculate that it could experience a significant increase of up to 150%.
PEPE Reaches New ATH in Market Cap and Price
Today, PEPE surpassed its highest recorded value and reached a market capitalization of $10 billion, securing its place as the third-largest meme coin in terms of market value. Following this milestone, PEPE’s market cap has continued to grow, exceeding $11 billion, which positions it as the 20th most valuable digital asset across the entire crypto market.
Following a continuous expansion since early November, when the price of PEPE started a significant uptrend, it’s important to note this growth. In that timeframe, the coin witnessed an impressive 100% weekly spike, fueled primarily by listings on prominent exchanges such as Coinbase and Robinhood.
Despite a 25% decrease in the following weeks, the accumulation of whales lent support to the asset, contributing to its recent upswing.
Whale Accumulation Sparks Renewed Rally
Lately, it appears that big investors, or “whales,” have been influential in driving up the value of PEPE. Data from blockchain transactions reveals an increase in large-scale buying by these investors over the past few weeks, including some high-value purchases. This accumulation has led to a decrease in the total supply available for trade, causing demand to outpace supply and thereby pushing up the price.
The surge in the derivatives market’s trading activity has significantly contributed to the rally we’re seeing. Moreover, the trading volume for PEPE’s derivatives soared by an impressive 78%, amounting to a substantial $1.67 billion, and the open interest grew by 39% to touch $368 million.
The data shows a rising curiosity among traders and financiers, adding more momentum to the asset’s continued climb.
PEPE Eyes 150% Surge Amid Bullish Projections
Over the next few weeks, some financial experts are predicting that PEPE’s price could surge by as much as 150%.
The cryptocurrency is currently trading at $0.00002622, with some analysts like JAVON MARKS projecting a potential move to $0.000063.
Discussions are swirling about whether PEPE could surpass SHIB in value if it experiences a significant rally, given that its current market cap stands at $19 billion compared to SHIB’s $19 billion market cap. With an $8 billion difference between them, some investors find this as a tough target to reach, but others are optimistic that the ongoing market trends might help PEPE bridge the gap.
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2024-12-08 01:08