PEPE price rally flips DOGE, SHIB, UNI, and LTC – Here’s why
Release: 2024/12/09 18:59 Reading: 223
PEPE Surges to New Heights, Outperforming Popular Memecoins
On December 8th, PEPE hit a record high of $0.000027, surpassing $11 billion in market capitalization for the first time. Analysts predict continued dominance in the memecoin market, surpassing DOGE, SHIB, UNI, and LTC.
Growing Dominance and Performance
According to CoinMarketCap, PEPE has ascended to the 20th position in market capitalization, surpassing Uniswap and Litecoin. Its impressive year-to-date (YTD) gains of 1,550% position it to potentially outperform Dogecoin and Shiba Inu by the end of 2024.
Drivers of Price Momentum
Analysts attribute the recent price surge to speculation regarding potential policy changes under a Trump administration, which could facilitate staking yield for crypto ETFs. Bernstein analysts suggest this shift could significantly enhance yields for investors in Proof-of-Stake coins like Ethereum.
Outperforming Memecoin Rivals
PEPE's price skyrocketed by 33.9% in a few days, reaching $0.000028 by December 9th. Its market cap exceeded $11 billion, making it the 20th largest cryptocurrency globally. Notably, it has outperformed DOGE and SHIB in the past 30 days, with gains of 140% compared to 113% and 60% respectively.
Rising Demand and Positive Sentiment
Growing demand for PEPE is evident in the surge of new addresses created in the days leading up to December 9th, indicating potential sustained interest beyond short-term speculation. Positive market sentiment is further supported by FOX News coverage highlighting PEPE and Bitcoin as "very good investments."
Whale Activity and Positive Price Action
Data from IntoTheBlock reveals a significant shift in whale activity, with large holders transitioning from inflows to outflows. Despite this sell-off, PEPE's price has remained resilient, rising by 27.3% in the past week.
Open Interest and Technical Analysis
PEPE's open interest (OI) has also reached new highs, reflecting a surge in market activity. The number of short-term holders has increased by 263% in a month. Technical analysis suggests a bullish outlook, with patterns indicating further price growth.
Analysts' Optimism and Outlook
Analysts remain bullish on PEPE's future performance. Technical patterns suggest a potential rise to $0.000031, representing a 19% increase. Experts also note the formation of a "Cup and Handle" pattern, a positive signal indicating continued growth.
As of the latest CoinMarketCap data, PEPE trades at $0.00002556, up 4% over the past 24 hours.
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