PEPE price rally overtakes Dogecoin and SHIB as 13,000 new investors buy in 3-days

PEPE price reached a new all time of $0.000027 on December 8, 2024, crossing the $11 billion market cap milestone for the first time

PEPE price rally has been linked the spike Ethereum ecosystem inflows amid positive speculations surrounding Trump's recent SEC chair nominee.

PEPE has now broken into the list of top 20 ranked crypto assets globally

PEPE Price Analysis:

PEPE price reached a new all time of $0.000027 on December 8, 2024, crossing the $11 billion market cap milestone for the first time. With the latest breakout stretching its year-to-date (YTD) to 200%, PEPE looks now set to outperform rival memecoins, Dogecoin and Shiba Inu for 2024.

Why is PEPE Price Going Up ?

PEPE price hits new all-time high as Trump policies spark Ethereum Ecosystem Inflow

On December 8 2024, PEPE, the second-largest memecoin hosted on the Ethereum blockchain network, broke out to new all-time highs.

The rally has been attributed to Bernstein analysts hinting that the US SEC under Trump administration could approve policy changes to enable staking yield for crypto ETFs.

This proposal means that ETFs tracking spot prices of Proof-of-Stake coins like Ethereum can now stake their holdings to generate additional yield for investors.

Trump’s appointment of crypto-friendly Paul Atkins as Gary Gensler’s replacement further emphasized this stance, sparking record inflows towards  ETH spot ETFs and the broader Ethereum blockchain ecosystem.

The chart below shows how PEPE’s price rally began on December 5, just as Ethereum ETFs hit the highest-ever single day inflows of $428 million.

As depicted above, PEPE price has surged 33.9% since Ethereum’s record ETF inflows on December 5, moving from $0.000020 to hit $0.000028 at press time on December 9.

This rally has set 2 major records for PEPE. First, its market cap has now crossed the $11 billion mark, making it the 20th largest crypto asset globally.

More so, PEPE’s latest price rally brings it year-to-date gains to towards the 2,570% mark. This puts PEPE far ahead of its rival memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) which are trending with 200% and 400% gains respectively in 2024.

This makes PEPE the most in-demand mega cap memecoin in 2024. As more funds pour into the Ethereum ecosystem amid positive speculation surrounding staking yield approvals for ETFs, PEPE could be poised to close the year on the front-foot, outperforming both DOGE and SHIB.

13,000 New Investors acquired PEPE in the last 48-hours

The recent surge in ETH ETF inflows has evidently propelled demand for PEPE  and other Ethereum ecosystem projects in the past week.

On-chain data further emphasize this stance, showing an unusually high number of new wallets acquiring PEPE since Trump nominated Paul Atkins as Gensler’s replacement.

IntoTheBlock’s New Addresses chart below tracks the number of new wallets that conduct their first transactions on a given day.

s seen abov, PEPE’s new addresses has been on a steady rise in the last 3 consecutive days, recorded a total of 13,030 new wallets between Dec 6 to December 9.

Typically, such spike in new addresses implies that the underlying PEPE token is attracting fresh demand from new market entrants.

More so it also reflects that PEPE’s 33.9% price gains over the last 3 days has been mainly driven my organic spot purchases, rather than speculative trading.

This puts PEPE price in prime position to defend relatively high support levels, and avoid rapid downswings if some short-term traders begin taking profits in the week ahead.

PEPE Price Forecast: $0.000030 breakout in sight

PEPE price action remains bullish as the token hovers near $0.00002647, supported by expanding volatility bands and rising momentum. Insights from the Keltner Channel (KC) and Bull Bear Power (BBP) indicators suggest potential upside toward $0.000030.

The Keltner Channel shows PEPE riding its upper band, indicating strong bullish momentum. Sustaining above $0.00002666, the top of the channel, would validate a continuation to $0.00002800. Breaking this resistance could pave the way for $0.000030, a psychological level aligned with the channel’s upper trend.

Meanwhile, the BBP indicator confirms growing bullish dominance, with green bars increasing consistently above zero. This reflects that buyers are firmly in control, validating upward momentum. Should BBP maintain positive levels, it could support further rallies.

Support at $0.00002136 provides a cushion if bullish momentum stalls. However, as long as PEPE holds above $0.00002400, the uptrend remains intact.

A breakout above $0.000030 would require strong volume and sustained BBP strength, signaling the next target at $0.00003250. Overall, technical indicators align with a bullish narrative for PEPE, projecting sustained upward momentum.

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