PEPE, the meme coin inspired by the frog, has reached a significant milestone by surpassing a market value of $10 billion for the first time. This sudden surge occurred after PEPE's price skyrocketed by 18% in the past 24 hours, briefly reaching its highest valuation ever.
As a result of this price surge, PEPE has now surpassed Litecoin (LTC) in the market capitalization rankings. Below is an analysis of the events leading to this notable achievement.
Ethereum Meme Coin Ranks 21st
On Saturday, December 7, PEPE reached a market capitalization of approximately $9.07 billion with a trading price of $0.000021. However, a strong surge of 18% pushed the price up to $0.000027 before slightly dropping to $0.000025, the current level.
This price volatility has pushed PEPE's market capitalization to an impressive $10.67 billion. With 420 trillion tokens in circulation, the price increase clearly plays a key role in achieving this milestone.
As a result, PEPE is now ranked as the 21st most valuable cryptocurrency, surpassing Litecoin, which remains at a market capitalization of $10 billion.
Pepe compared to Litecoin Market Capitalization. Source: Santiment
Analysis from TinTucBitcoin reveals that PEPE's recent market capitalization milestone can be seen as a result of a significant increase in network activity. Data from IntoTheBlock shows a rise in active addresses, new addresses, and non-zero addresses – key indicators that highlight growing demand for this token.
Active addresses track the number of unique wallets participating in transactions, while new addresses and non-zero addresses measure first-time users and those adding PEPE to their wallets.
The increase in these indicators signals a rise in user interaction and upward price momentum. If this trend continues, PEPE may not only stop at recovering its all-time high valuation but could also see further price increases.
PEPE Network Activity. Source: IntoTheBlock
PEPE Price Prediction: A New All-Time High Close
On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has shifted from negative to positive. The MACD is a technical oscillator that measures momentum by using the difference between the 12 and 26 Exponential Moving Averages (EMA).
When the 12 EMA (green) crosses above the 26 EMA (orange), the momentum is bullish. Conversely, if the 26 EMA crosses above the 12 EMA, the trend is bearish. As seen below, the shorter EMA has crossed above the longer EMA, suggesting that the value of this meme coin may break the resistance at $0.000025.
Daily PEPE Analysis. Source: TradingView
If this happens, the price of PEPE could rise to $0.000030. However, if the bears push the price down from $0.000025, this prediction may not be feasible. In that case, the price could fall to $0.000015, and PEPE's market capitalization could dip below $10 billion.
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