As an analyst with over two decades of experience in the crypto market, I have seen many tokens rise and fall, but PEPE‘s meteoric ascent has left me genuinely impressed. The meme coin’s ability to surpass Litecoin in just a few weeks is nothing short of phenomenal.
For the very first time, the meme coin based on frogs, known as PEPE, has managed to exceed a market value of $10 billion. This remarkable leap was triggered by an increase of 18% in PEPE’s price over the past day, momentarily hitting a brand new peak.
Due to this rise, PEPE now ranks higher than Litecoin (LTC) in terms of market capitalization. Here’s a summary of the sequence of events that made this impressive feat possible.
The Ethereum Meme Coin Climbs to the 21st Position
On Saturday, December 7th, PEPE’s market capitalization was approximately $9.07 billion, with a price of 0.000021 USD. A robust increase of 18% propelled the price to 0.000027 USD, but it later slightly dropped to its current level of 0.000025 USD.
Due to its price surge, the market value of PEPE soared to an astounding $10.67 billion. Given that there are 420 trillion tokens currently in circulation, it’s evident that the price rise significantly contributed to reaching this significant milestone.
Consequently, PEPE has moved up to be the 21st largest cryptocurrency by market capitalization, outperforming Litecoin, which still maintains a market cap of $10 billion.
According to BeInCrypto’s findings, PEPE’s recent achievement in market capitalization can be traced back to a substantial surge in network activity. Information from IntoTheBlock indicates a rise in active, newly created, and address balances with no tokens – these factors strongly suggest an escalating interest in the token.
In simpler terms, active addresses are used to count the distinct wallets participating in transactions, whereas new and empty wallets indicate newly registered users or individuals who have just added PEPE to their digital wallets for the first time.
An increase in these figures indicates increased user interaction and positive market excitement. Should this pattern persist, there’s a possibility that PEPE may surpass its previous record high and potentially experience additional price increases.
PEPE Price Prediction: Another All-Time High Close
On the daily graph, the Moving Average Convergence Divergence (MACD) has shifted from a negative value to a positive one. The MACD is a technical indicator that calculates momentum by comparing the 12-day and 26-day Exponential Moving Averages (EMA).
When the short-term Exponential Moving Average (EMA) in blue goes higher than the long-term EMA in orange, it indicates a bullish momentum. Conversely, if the long-term EMA moves above the short-term one, it signals a bearish trend. As you can see in the chart below, the shorter EMA has moved above the longer one, indicating that the meme coin’s value might exceed the resistance level at $0.000025.
If this event transpires, it’s possible that the value of PEPE could surge towards 0.00003 cents. But if bears manage to pull the price back from 0.000025 cents, this forecast may not materialize. Instead, the price might dip to 0.000015 cents, and the market capitalization of PEPE could fall below $10 billion in such a situation.
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2024-12-08 12:41