PEPE has continued its bullish momentum, reaching a new all time high in both price and market cap. The meme-based cryptocurrency surged by 20% in the past 24 hours, achieving an all-time high of $0.00002622.
As its market capitalization surpasses $11 billion, the crypto community is closely watching for further price movement, with some analysts predicting a potential 150% rally.
PEPE Reaches New ATH in Market Cap and Price
After hitting an all-time high today, PEPE has crossed a $10 billion market capitalization, cementing its position as the third-largest meme coin by market value. Pepe’s market cap has since climbed to over $11 billion, making it the 20th largest digital asset across the entire crypto market.
This comes on the back of sustained growth since early November, when PEPE price began a notable rally. During that period, the coin experienced a 100% weekly surge, driven by major exchange listings, including Coinbase and Robinhood.
Although it retraced by 25% in subsequent weeks, whale accumulation provided support for the asset, leading to its recent resurgence.
Whale Accumulation Sparks Renewed Rally
Recent on-chain data shows that whales have played a significant role in PEPE’s latest rally. Reports indicate substantial accumulation of PEPE by large investors in recent weeks, with several high-value purchases recorded. Such activity has reduced available supply on the market, creating upward pressure on the price.
Increased trading activity in the derivatives market has also fueled the rally. PEPE’s derivatives trading volume rose by 78%, reaching $1.67 billion, while open interest jumped by 39% to $368 million.
These metrics reflect growing interest from traders and investors, further boosting the asset’s upward trajectory.
PEPE Eyes 150% Surge Amid Bullish Projections
As PEPE’s price continues to rise, market analysts suggest the possibility of a 150% increase in the coming weeks.
The cryptocurrency is currently trading at $0.00002622, with some analysts like JAVON MARKS projecting a potential move to $0.000063.
PEPE’s recent performance has sparked discussions about its potential to overtake SHIB should it rally to $1. SHIB currently holds a $19 billion market cap, leaving an $8 billion gap between the two tokens. While some investors view this as a challenging goal, others believe the ongoing market cycle could enable PEPE to close the gap.
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