Cryptocurrency backed by a meme, the price of PEPE has surged to an all-time high with a market cap of almost $11 billion.
PEPE is reportedly seen to have garnered an incredible market capitalization of over $11 billion coupled with the price having reached an all-time high of $0.000026. This thrust meme coin to be one of the most exhaustive meme coins and even in aggregate, it happens to be one of the 20 biggest cryptocurrencies. Analysts positively eye it for at least a short-term increase in value at 150%. What this report looks forward to breaking down is the reason behind such brilliant performance by this meme coin and what implications this would have for its investors as well as the wider crypto space.
The Rise of PEPE: A Record-Breaking Surge
It is the talk of the crypto space these days, Pepe. It Breaks Records: Market Cap Reaches $11 Billion As Price Hits All-Time High. Over the weekend, Its price shot up to an all-time $0.000026 as the market capitalization went over the $11 billion-plus figure for the first time in history. That was quite a shocking blow to most investors and analysts.
In the 24 hours, the price increased to 17%, and the market cap surged up to $10.6 billion. Today, It is the third largest meme coin after only Dogecoin and Shiba Inu. Rising by 1,538% in 2024 this year, This meme coin overshadowed most of the Top 100 cryptocurrencies, including Dogecoin which surged by 370% in 2024.
Altcoin Season and the PEPE Rally
What’s fueling the price and market cap of PEPE? The rally in this coin lately coincided with the broader altcoin rally. Following the four-month high of $4,000 for the first time since March 2024, renewed interest in altcoins was observed following the spree by Ethereum. “Altcoin season” is pretty handy for PEPE as investors start looking at the smaller tokens that may offer more payoffs.
Altcoin Season Index has only just crossed 89; that puts the altcoins in considerable momentum as of now. PEPE is, after all, a great story of the already hot and sizzling altcoin season. Overall market up does not, however, support this meme coin in breaking records: Market Cap Hails $11 Billion as Price Topples All-Time High.
Major Exchange Listings Fuel PEPE’s Momentum
Major listings on various exchanges served as fuel to the currency’s momentum. Major U.S. exchanges fuel the growth of PEPE as Binance.US just added the coin to Coinbase and Robinhood. Those latter platforms do not go easy on meme coins usually so the inclusion of PEPE speaks of rising legitimacy and potential.
It has exposed this meme coin to more exposure through being put on top exchanges, thereby attracting new and experienced investors. The more trading platforms available for the PEPE, the more its price will be, and its market cap. It will stand at the top as one of the meme coins.
PEPE Price Rockets Higher Than Other Meme Coins
The meme coin outscores its competition, and it is showing huge power over the world of crypto. PEPE Breaks Records: Market Cap Rises to $11 Billion as Price Smashes All-Time High in Record Interest For This Froggy-themed Token. While others have won a little in their competitors like Dogecoin, Baby Doge Coin didn’t even come near 1,538% like this year’s 2024 PEPE.
For example, Baby DogeCoin surged by 33% over the weekend, and DOG•GO•TO•THE•MOON was up 16%. Those moves are pretty puny compared to what PEPE has done. But there is a reason for that: meme coins are red hot because they are being hyped on social media and people are following the community. What is different about PEPE is that it has grown steadily.
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Factors Driving Growth
There are many reasons why PEPE has surged.
1. Whale Stacking: Colloquially referred to as “whales” large investors are buying these meme coin tokens leaving less to the people. Thus, its available supply becomes scarce and pushes up the prices.
2. Increased Derivatives Market Trading Activity: This too has given an upward push to the meme coin rally, whose trade volume is up 78%. Traders have shown much more interest.
3. Analyst forecast: Nevertheless, the price may be modified so it could trade as high as 150%. On paper, considering the current situation of the market, and based on the expectations of this investor, a $0.000063 price may come into reality.
So what’s next to PEPE?
The Future looks bright for PEPE, which continues record-breaking and gains momentum. Sets Records: Market Cap is now $11 Billion while hitting the highest price ever, with Frenzy around it just getting bigger. And since the altcoin market is currently on the rise, PEPE has many chances to capitalize on gains through meme coins and strong support in key exchanges.
However, there still lie some challenges for this coin. It is a meme coin and hence, these types of coins can sometimes turn out to be quite volatile, the long-term success will be subjected to the trends of the market, exchanges will not stop supporting it, and new applications of the same. But it has already attracted crypto fans now, and the future seems bright in that context.
Conclusion: Pepe marks an important milestone in the crypto world. This currency has huge investors, which is a very big positive, and the community is quite excited. Analysts feel that the value will keep on rising. So, the current and future investors should be keeping an eye on this currency. The journey of PEPE is a good example of the ups and downs involved in cryptocurrencies as well as tremendous gains in a short period. That would indeed be pretty interesting; whether PEPE can tackle a giant player in the crypto market.
Also Read: SEC Set To Reject Solana ETF Filings: What It Means For Investors?
