PEPE, the meme coin, has achieved a significant milestone by surpassing Polygon (MATIC) in market capitalization, securing the 19th spot in cryptocurrency rankings. During early trading today, PEPE reached a market cap of $7.167 billion, edging past Polygon’s $7.113 billion.
This marks a major achievement for PEPE, which has seen a remarkable uptrend since the beginning of the year. Its price surged by approximately 140% in the last month alone, making it the third-largest meme coin by market cap. Since its launch in April 2023, PEPE has garnered attention from investors and enthusiasts.
The surge in social media activity surrounding PEPE has been a driving force behind its bullish momentum, indicating increased interest and engagement. The PEPE community has actively promoted the token through social media campaigns, events, and online forums.
The number of active PEPE-holding addresses has quadrupled in the past week, jumping from 3,600 to 12,000. This surge reflects broader investor interest in PEPE, underscoring its growing popularity in the crypto market.
Whale activity has also been notable, with a significant investor withdrawing 1.32 trillion PEPE tokens from Binance, generating a 21% return so far. This accumulation by whales suggests confidence in PEPE’s future prospects.
Despite facing $4.58 million in liquidations, PEPE has shown resilience and maintained its uptrend, solidifying its position below the 20th spot in cryptocurrency market cap rankings.
This resilience highlights strong bullish momentum and investor confidence in PEPE.
Audacious Forecasts and Technical Hardiness
While PEPE is still in the process of determining its price, analysts are speculating on the stock’s future course. According to some, the token’s value might increase by ten to fifteen times more this year, reaching a price objective of $0.0002 by 2025. PEPE has shown higher highs and lower lows above its 50-day and 200-day moving averages, according to technical analysis, indicating that the positive momentum is still present.
But not everyone agrees with PEPE’s sustainable rally. A whale investor recently withdrew 491 billion PEPE tokens to Binance, indicating that some significant holders might think the token is overpriced and are keen to cash in before a possible decline. There is a great deal of concern about the long-term viability of meme coins like PEPE because of their volatility.
May 2024, Cryptoniteuae
