PEPE’s Latest All-Time High Makes it Bigger Than Litecoin, Polygon: Details
TL;DR
Pepe (PEPE) reached a new all-time high of $0.00001717, while its market cap of over $7 billion positioned it as the 21st largest cryptocurrency.
The asset’s 24-hour trading volume exceeded $1.8 billion, outperforming other meme coins like Dogecoin and Shiba Inu.
PEPE Keeps Rising
The frog-themed meme coin – Pepe (PEPE) – seems to have no limitations, tapping a new all-time high price today (May 27). It’s currently worth approximately $0.00001676 after a minor retrace from the latest peak, representing an 80% spike on a weekly scale and a staggering 1,000% jump since May last year.
Its market capitalization rapidly increased, recently surpassing the $7 billion mark. Thus, the token flipped well-known altcoins such as Litecoin (LTC) and Polygon (MATIC).
PEPE is currently the third-biggest meme coin, trailing behind the leaders Dogecoin (DOGE) and Shiba Inu (SHIB). However, it outperformed its rivals in one important field. According to CoinGecko’s data, PEPE’s trading volume for the past 24 hours reached over $1.8 billion, whereas DOGE and SHIB collectively hit a little more than $1 billion.
The token’s recent success is more than impressive considering the fact that its market cap stood at less than $3 billion at the start of May. Currently, over 96% of all PEPE holders sit on paper profits (according to IntoTheBlock’s data).
One cryptocurrency exchange that responded to the asset’s recent rally and increased interest from industry participants is Binance. As CryptoPotato reported, the company included the trading pair PEPE/EURO to the list of choices offered on Binance Spot. It also enabled trading bots services for the aforementioned option.
Is There More Room for Growth?
Crypto X is rammed with users who think PEPE’s bull run is nowhere near its end. One example is the content creator JAKE, who claimed that the asset’s market capitalization of $7 billion is “undervalued.”
Another X user suggested that PEPE’s pump is “still in nascent stages.” They assumed that a further rally for the asset “will pave the way” for other meme coins to follow.
Dealing with the token may seem like a successful investment option that can result in multi-million profits. The blockchain analytics platform – Lookonchain – revealed the case of a trader who made almost $2.5 million after purchasing PEPE in December last year and cashing out several hours ago.
However, entering the ecosystem of meme coins can also be quite dangerous due to their infamous volatility. If you are about to jump on the bandwagon, please take a look at our dedicated video to protect yourself from some common mistakes:
The post PEPE’s Latest All-Time High Makes it Bigger Than Litecoin, Polygon: Details appeared first on CryptoPotato.
Filed under: Bitcoin - @ May 27, 2024 9:25 am