PEPE Exceeds $10 Billion Market Cap
Release: 2024/12/09 12:14 Reading: 449
PEPE Surpasses Litecoin, Signaling Bullish Momentum
PEPE, a meme-inspired cryptocurrency, has experienced a remarkable surge, surpassing Litecoin (LTC) in market capitalization. This milestone marks a significant achievement in the crypto realm.
Market Capitalization and Network Activity
On December 7th, PEPE's market cap stood at $9.07 billion, with a price of $0.000021. A significant 18% increase propelled the price to $0.000027, eventually settling at $0.000025. This surge resulted in a market cap of $10.67 billion.
This price movement enabled PEPE to eclipse Litecoin, securing the 21st spot among global cryptocurrencies. The recent upward trajectory is attributed to a substantial increase in network activity. Metrics reveal a surge in active, new, and zero-balance addresses, indicating growing demand for the token.
Technical Indicators and Analyst Predictions
Bullish market momentum is further supported by technical indicators. The Moving Average Convergence Divergence (MACD) recently turned positive, signaling bullish sentiment for PEPE.
Analysts anticipate a breakout above the resistance level of $0.000025, potentially triggering a rally towards $0.000030. However, if resistance is encountered, a retracement to $0.000015 is possible, which could lead to a dip in PEPE's market cap below $10 billion.
Whale Accumulation and Market Dominance
Over the past 24 hours, PEPE has experienced a 20% surge, pushing its market cap beyond $11 billion. This achievement has solidified PEPE's position as the third-largest meme coin by market value, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).
Large investors are accumulating PEPE, reducing its available supply and driving upward price pressure. The derivatives market has also seen significant growth, with PEPE's trading volume reaching $1.67 billion and open interest increasing by 39% to $368 million.
Conclusion
As PEPE's bullish run continues, it is capturing the attention of investors and analysts. This surge has contributed to the overall growth of the meme coin market, which now boasts a market cap of over $148 billion.
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