As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that I am intrigued by the meteoric rise of Pepe Coin (PEPE). Having closely observed the crypto market’s fluctuations, I can confidently say that this surge seems to be rooted in a perfect storm of factors.
The price of frog-themed Pepe Coin has surged to a new all-time high in the last 24 hours.
Amongst the various cryptocurrencies, particularly the meme coins and altcoins, Pepe Coin (PEPE) generally surpassed many others in terms of market performance.
The third-largest meme coin has seen its price spike to a new all-time high of $0.00002678.
The price of Pepe was also up by over 20% in the last seven days and over 130% in the last 30 days.
But what is the reason for the sudden price pump? Let us look at some of the possible reasons.
PEPE hits $10 billion market cap
Alongside reaching a market capitalization of over $11 billion, one factor contributing to Pepe’s growth may be the strong current market trends observed in Ethereum (ETH).
On December 6, ETH surpassed the $4,000 mark again, a level last seen in March. Breaking through this significant $4,000 barrier has boosted the value of tokens within the Ethereum ecosystem, such as Pepe.
Additionally, according to data from Coinglass, the total value of outstanding contracts for PEPE has reached an all-time high of $356.79 million. Over the past day, this figure has increased by approximately 30%.
According to data from IntoTheBlock, I find myself among the overwhelming majority (98%) of Pepe holders who are currently seeing a profit at the present price, as it stands that no holder is experiencing losses at this time.
Approximately one-fourth (25%) of Pepe holders have possessed it for more than a year, while around half (53%) have owned it for between one month up to a year.
Other Ethereum-based meme coins like Shiba Inu (SHIB) have also seen a modest gain of close to 3%.
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2024-12-08 21:36