- Pepe has surged by 18.99% over the past day to hit a new ATH.
- The memecoin’s market cap reached $11 billion for the first time as Open Interest hit new highs as well.
As a seasoned analyst with years of experience under my belt, I must say that the recent surge of Pepe [PEPE] is nothing short of astonishing. Over the past 24 hours, this memecoin has not only shattered its previous all-time high but also flipped Uniswap [UNI] to become the 20th largest memecoin, reaching a market cap of $11 billion.
In the last day, the price of PEPE, the memecoin, has seen significant increases and reached a fresh peak. During this timeframe, it climbed up to an unprecedented high of approximately 0.000026948 USD.
Due to a significant surge in value, this memecoin has achieved yet another impressive feat, as its market capitalization surpassed $11 billion, thereby overtaking Uniswap [UNI] and placing it among the top 20 largest meme-based cryptocurrencies.
Current trends indicate that there’s growing interest in Pepe, with its value steadily rising. At the moment, it’s being traded at approximately $0.00002519.
Over the course of 24 hours, there was a significant 18.99% rise observed. Simultaneously, its trading activity reached an all-time peak, soaring by an impressive 146.16%, reaching a staggering $7.54 billion.
Under the present market situation, major market participants are pondering just how high the memecoin might soar. Interestingly, AMBCrypto’s assessment suggests that Pepe is currently receiving favorable feedback, which could potentially lead to even greater profits.
What Pepe charts suggest
As the memecoin experiences increasing demand, more people are joining the investment scene, leading to heightened purchasing interest.
For instance, following a dip down to $0.000018, whales have been aggressively buying Pepe. Specifically, two of these whales’ wallets purchased approximately 190.14 billion Pepe tokens after spending around 4.89 million US Dollars.
When whales start buying more (accumulating), it demonstrates their faith in the market and boosts demand. This trend is clearly visible as large transactions have significantly increased over the last day, rising from 488 to 1,270 – a jump of approximately 160.25%.
So, whales are actively engaged in trading activities.
Moreover, Pepe’s Open Interest has soared to reach an unprecedented peak of $335.25 million, a jump of 41.12%. This suggests that these trades represent investors making bets on the memecoin.
In summary, Pepe’s daily active addresses have significantly increased by 56.67%, rising from approximately 11,450 to 17,940. This surge in active addresses suggests that the price rise is underpinned by robust fundamentals since there appears to be a growing interest and participation among users.
In other words, it’s not just big investors who are driving up the prices, but regular traders too. An increase in on-chain activity is crucial for the ongoing development of any asset.
Read Pepe’s [PEPE] Price Prediction 2024–2025
What next for the memecoin?
Over the past month, Pepe’s value has significantly surged by approximately 130.46%, thanks to a rise in holdings and a positive market outlook. This positions the memecoin favorably for further price increases.
If the existing trend persists, there’s a possibility that Pepe could regain $0.000026948 and set a new record high. Should a correction occur, we can expect Pepe to find support near $0.000022.
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2024-12-08 14:15