Pepe Coin Hits New Milestone Despite Massive Liquidation, Here’s All

by

As an experienced analyst, I’ve closely monitored the cryptocurrency market and have witnessed the meteoric rise of Pepe Coin in recent days. The meme token’s latest achievement of hitting a $6 billion market cap is truly remarkable, especially considering its frog theme and humble beginnings.

The meme coin representing a frog mascot, Pepe Coin, has recently gained significant attention within the cryptocurrency community. Despite undergoing considerable sell-offs over the past day, this digital currency has persisted in its blockchain journey and continues to set new achievements.

Let’s examine more closely the significant milestone reached by Pepe Coin today, instilling hope and excitement for its upcoming projects.

 Market Cap Hits $6 Bln

As a researcher, I’ve uncovered some intriguing information from CoinMarketCap’s most recent update. Pepe coin has managed to surpass Internet Computer Protocol and claim the 20th spot on the list with a market capitalization of over $6 billion as of May 23. This places it in a close competition with Litecoin, which also boasts an impressive market cap. At the moment of writing, Pepe coin’s market cap stood at $6.11 billion, while earlier today it reached an astounding $6.16 billion. The frog-themed meme token is certainly making waves in the cryptocurrency world.

Pepe Coin Hits New Milestone Despite Massive Liquidation, Here’s All

As an analyst, I’ve observed that this phenomenon significantly contributed to the rising value of the meme coin. In fact, it reached new all-time highs (ATHs) not too long ago, reflecting its current surge in value. It’s important to mention that PEPE achieved another ATH today, reaching a price point of $0.00001467 – an impressive feat given the broader market trends.

Despite facing significant selling pressure and large-scale liquidations, the token reached a new all-time high (ATH). This development has fueled market enthusiasm for the meme crypto, as investors remain keenly interested in it for potential future profits.

PEPE’s Price Gains Upside Momentum

I’ve analyzed the price data for PEPE, and as of now, it has experienced a 5.02% increase over the past 24 hours, reaching a current value of $0.00001444. Initially, PEPE began the day on a bearish trend, trading in the red. However, an unexpected surge occurred, propelling the token to unprecedented heights.

In the previous 24 hours, PEPE saw a notable liquidation volume of approximately $8.46 million. This substantial selling activity highlights the increased market pressure. Surprisingly, amidst this intense selling, PEPE reached a new all-time high.

As an analyst, I’ve observed that the Open Interest (OI) for futures and options contracts on PEPE increased by 2.41% in the recent period. Following this surge, there was a significant decrease of 24.64% in the derivatives trading volume within the next 24 hours. This volatility in derivatives activity might be contributing to PEPE’s price fluctuations during this timeframe.

As a researcher studying the market trends, I’ve noticed that the Relative Strength Index (RSI) for this token has reached an overbought level of around 76. This indicates that the token might have experienced significant price gains and could potentially be due for a correction in the near future.

Read More

2024-05-23 13:09