Meme coins are back in the spotlight, and this time, Pepe the Frog is leading the charge. Pepe Coin (PEPE) has defied market expectations, surging to a new all-time high (ATH) of $0.00001467 despite facing significant liquidations. Here’s a breakdown of this unexpected price action and what it might mean for the future.
Market Cap Milestone: Pepe Swats Out ICP for Top 20 Spot
Pepe Coin has solidified its position as a major player, surpassing the Internet Computer Protocol (ICP) to secure the coveted 20th spot on CoinMarketCap by market capitalization. As of writing, PEPE boasts a market cap of over $6.1 billion, briefly reaching a high of $6.16 billion earlier today. This meteoric rise mirrors the token’s recent string of ATHs, highlighting its growing value in the crypto space.
One of the most surprising aspects of this surge is that it comes amidst substantial liquidations. CoinGlass data reveals $8.46 million in PEPE liquidations over the past 24 hours, indicating significant selling pressure. However, the token defied these bearish forces and propelled itself to new heights. This has instilled renewed optimism among investors, many of whom are closely watching PEPE for potential future gains.
Also Read: PEPE Rockets 28%, Floki Eyes ATH as Whales Splash Around ($7.95M PEPE Withdrawn from Binance)
Market OutLook
Currently, PEPE is trading at $0.00001444, reflecting a 5.02% price increase in the past 24 hours. While this growth is impressive, it’s important to note that PEPE started the day in the red. This volatility is further amplified by a 24-hour derivatives volume drop of 24.64%. Additionally, the Relative Strength Index (RSI) currently sits at 76, which is considered overbought territory and could signal a potential correction in the near future.
Can Pepe Maintain its Momentum?
The question remains: can PEPE sustain its current momentum? The recent liquidations and high RSI suggest a potential pullback. However, the token’s ability to climb despite selling pressure demonstrates its resilience and the strong backing of its investor base. Only time will tell if Pepe Coin can continue its upward trajectory or experience a correction. One thing is certain – the frog frenzy has captured the attention of the crypto world, and it will be interesting to see how this story unfolds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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