PEPE sets a new high of $0.000026948; what’s next?

PepeCoin (PEPE) market cap reaches $11 billion, becoming the 20th largest cryptocurrency, with trading volume soaring 146% and price rising 18.99%. Buying activity from whales and retail investors fuels the increase, and it may rise further in the future, but it also faces challenges of a pullback. Pepe has established a significant presence in the cryptocurrency space.

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Pepe Coin (PEPE) shocks the market with a historic high of $0.000026948. The market cap of this memecoin has now reached $11 billion, surpassing Uniswap to become the 20th largest cryptocurrency. With surging demand, trading volume has soared by 146.16%, reaching $7.54 billion. As the price rises 18.99% in just 24 hours, traders' excitement continues to grow. Now many are wondering if this momentum will propel Pepe to greater heights.

Key factors driving the surge of PEPE

Pepe's rise reflects strong buying activity from whales and retail investors. Whale addresses exhibit confidence through large purchases. For example, one whale recently spent $4.89 million to buy 190.14 billion tokens after the price drop. Large transactions also surged by 160.25%, jumping from 488 to 1.27K in a single day.

The increase in open contracts highlights the growth in the number of traders holding positions. Open contracts climbed by 41.12%, reaching a record $335.25 million. The increase in daily active addresses (currently up by 56.67%) also indicates a rising level of market participation. The growing number of traders and higher activity support a continued upward trend.

What’s next for PEPE?

Pepe's price has surged by 130.46% over the past month, solidifying its position as a market leader. The continued accumulation by whales and strong fundamentals suggest further increases may be on the horizon. If demand remains high, Pepe could reclaim $0.000026948 and set a new record.

However, the market faces potential challenges. A pullback could see the price drop to $0.000022, providing support for another rebound. Continued growth will depend on strong buying pressure and increased trader participation.

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