PEPE hit a new all-time high of $0.000027 on December 8, crossing the $11 billion market cap milestone for the first time. Analysts are now predicting the crypto will continue leading the memecoin market, staying ahead of popular coins DOGE, SHIB, UNI and LTC.
According to data from crypto market data tracker CoinMarketCap, memecoin PEPE now ranks 20th on the crypto market cap list, going past Uniswap (UNI) and Litecoin (LTC).
The coin’s recent price surge has extended its year-to-date (YTD) gains to an impressive 1,550%, setting it at a prime position to outperform rival memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) by the end of FY2024.
Crypto market analysts have attributed the recent price uptick to speculation that the U.S. Securities and Exchange Commission (SEC) under a potential Trump administration could approve policy changes facilitating staking yield for crypto exchange-traded funds (ETFs).
Such a shift, per analysts from Bernstein, could enable ETFs tracking spot prices of Proof-of-Stake coins like Ethereum to stake their holdings, which may exponentially boost yields for investors.
PEPE market cap outperforms DOGE, SHIB
PEPE’s price jumped by 33.9% in just a few days, moving from $0.000020 to $0.000028 between December 5 and December 9. As a result, the memecoin’s market cap broke past $11 billion, making it the 20th largest crypto globally.
Notably, the coin’s price has risen by almost 140% in the last 30 days, outperforming DOGE and SHIB’s 30 day price upticks, recording at 113% and 60% respectively.
The crypto coin’s rise has also been reflected in its growing demand. In the three days leading up to December 9, PEPE saw a surge in new addresses, with 13,030 new wallets created. The growth trend indicates the market sentiment could be more than short-term speculation, and the coin may have gained sustained interest from new market entrants.
The coin’s price upward trajectory was also fueled by FOX News business talks, which mentioned PEPE and Bitcoin as “very good investments.”
Whale activity boosts PEPE positive price rise
Recent data from IntoTheBlock shows a dramatic shift in the crypto coin’s whale activity, with large holders moving from a net inflow of over 1 billion PEPE on December 6 to a significant net outflow of nearly 2 trillion PEPE by December 8.
This type of sell-off, often seen as a sign of profit-taking or panic, typically results in price declines. However, PEPE’s price has remained resilient, posting a 27.3% surge over the past week, unaffected by the whale sell-offs.
In addition, PEPE’s open interest (OI) has hit new highs. Per CoinGlass data, the coin’s OI levels have increased to $370.8 million, reflecting a 9% rise in just 24 hours. The number of short-term PEPE holders has surged by 263% in the past month, reaching 80,450 unique addresses, further supporting the upward market price momentum.
Market analysts are increasingly bullish on the coin’s future price action. Technical analysis suggests a bullish outlook for PEPE, with key patterns indicating further price growth. According to Analyst Captain Faibik, the coin has broken out of a multi-month symmetrical triangle, potentially driving the price up to $0.000031, marking a 19% increase from current levels.
Similarly, a chart expert on X using the pseudonym Chandler Bing noted the formation of a Cup and Handle pattern, a rare bullish signal in technical analysis, which suggests that the coin’s rally could continue in the short term.
$PEPE has formed a cup and handle pattern, signaling a potential breakout. Keep an eye on this one. 🐸📈 #pepe pic.twitter.com/mfZ8xLtO4E
— Chandler Bing (@chandlerbingpl) December 8, 2024
At press time, PEPE is trading at $0.00002556, up 4% in the last 24 hours, as per recent updates from CoinMarketCap.
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