The famous frog meme coin. PEPE price has created a new all-time high record of $0.00001101. Is this just the beginning of a bull rally to $1 or what?
The price of PEPE has surged by 22.30% in the past 24 hours, pushing its value to $0.00001101 an hour ago. Now, it is officially the new all-time high record for the meme coin. The frog meme coin has broken the ATH record for the second time this year, back in March, the PEPE price surged and created the previous ATH record.
The bullish nature of PEPE persists, and PEPE may rise further in the coming days. This is because of the increased demand for the coin in the market. As a result, the trading volume has surged by 300% in the past 24 hours. Moreover, the market capitalization of PEPE has surged by 22%, bringing its value to $4,540,608,117.
The market capitalization of the coin is currently ranked 23rd on CoinmarketCap, which is a big improvement from before. If this trend continues, PEPE will be among the top 20 cryptocurrencies.
Why is PEPE price surging?
The PEPE price surge started yesterday and is still going strong. As of now, the coin has formed two huge peaks with only a few hours in between. There is still no clear end to the PEPE surge. If the trend continues, a higher peak may be formed.
After this performance, PEPE became the most profitable meme coin, surpassing DOGE and SHIB in this competition. PEPE price has been rising for a month, bringing a 95% increase. So, how did PEPE surge to ATH?
There are three important factors behind this surge. These include the popularity of PEPE in the market, the increase in the dominance or demand of meme coins, and the interference of whales.
PEPE Popularity Continues for a Year
PEPE was launched last year and has become the most favored meme coin among investors. The coin peaked soon after its launch in 2023, bringing hundreds of dollars in profits to early investors. Although the price of PEPE did decline, the popularity remained the same. At the beginning of this year, as PEPE continued to rise for three consecutive months, people's confidence in PEPE's profits was restored.
It was because of these two profit events that PEPE gained fame and reputation in the market. This reputation pushed its value to rise for several consecutive days, eventually reaching ATH.Moreover, the cryptocurrency market is going through a correction zone, with only meme coins being stable compared to the rest. This overall meme dominance has helped the current surge in PEPE prices.
Whale activity has increased, with whales trading over $100,000 worth of transactions surging by more than 416% in the past 24 hours, according to the sentiment report. The surge in whale activity has increased the number of whale transactions from 35 to 697 per day.
The PEPE whales were triggered by the rise in the price of this frog meme coin. In pursuit of profits, whales increased their transaction rates, and their participation helped reach the total ATH peak. Moreover, the exchange inflow rate surged by 255%, with the inflow data reaching 8.03 trillion tokens.
Although the outflow rate also surged to 6.73 trillion PEPE, the net inflow of 1.3 trillion PEPE led to the surge in value. However, this could create selling pressure as these whales eat up all the profits in the market.
Can PEPE reach $1?
As the Meme coin surged to a new ATH today, PEPE has once again proved its worth in investors’ portfolios. Now, PEPE price is expected to rise further before the end of the year. Many PEPE investors believe that PEPE can soar to $1 and become part of the top ten cryptocurrencies on the market.
Frog Meme Coin still has a long way to go from the $1 mark and needs a long bull market to push its value to around $1. However, its continued growth over the years indicates the potential for the token to soar to $1 one day.
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