PepeCoin (PEPE) just achieved a new all-time high (ATH) today at $0.000008585The rally of the crypto community’s beloved frog-themed coin came as Bitcoin(BTC) came a few dollars away from realizing its highest recorded price back in November 2021.
PepeCoin (PEPE) Sets a New Record High at $0.000008585
Today marked a significant milestone for PepeCoin (PEPE), a cryptocurrency with a frog theme, as it reached a new all-time high (ATH) of $0.000008585. This achievement coincides with Bitcoin (BTC) nearing its highest value ever, recorded back in November 2021.
PEPE Surges to a Record Peak
As mainstream investors get increasingly excited about Bitcoin's approach to its previous ATH, a segment of the market is turning towards altcoins for potentially higher risks and rewards. Recently, Shiba Inu (SHIB) has led this trend, with other animal-inspired cryptocurrencies like Dogecoin (DOGE) and PepeCoin (PEPE) also gaining traction.
PepeCoin, a favorite among frog meme enthusiasts, has shown remarkable movement in the last 24 hours, establishing a support level at $0.000006615 and breaking through a resistance level at $0.000008585, according to CoinMarketCap data. This new peak is not only a record for PEPE but also an impressive leap from its previous high of $0.000003734 on May 6th last year, marking an extraordinary 13,000% growth in under a year.
At 7:30 AM UTC, PEPE stabilized at $0.000007536, reflecting a 15% gain. The coin has also seen a substantial increase in transaction volume, with a 40% rise in a day and $4.35 billion PEPE changing hands. This surge has placed it among the top 10 most traded cryptocurrencies on the platform. Moreover, with a circulating supply of 420.69 billion PEPE, its total market value now exceeds $3.17 billion, ranking it 39th among over 8,000 active cryptocurrencies listed by CoinMarketCap.
Factors Behind PepeCoin's Surge
The recent upswing in Bitcoin's price is playing a pivotal role in shaping the investment strategies in the crypto market, especially influencing the meme coin sector. Cryptocurrencies like PEPE, SHIB, and DOGE have particularly benefited from the growing optimism in the market.
SHIB saw an over 60% increase in value as BTC neared its ATH, but PEPE's rise to its new high has been the most notable, soaring over 50% above its 2023 milestone.
Additionally, the rise in the value of altcoins is being fueled by social media trends. Investors who missed out on Bitcoin's initial surge are now seeking alternative crypto investments with high potential.
PepeCoin's growing appeal can also be attributed to its low entry barrier, engaging content, and its distinctive and recognizable presence in the meme coin world.