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30 May 2024
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PEPE Price Sets New ATH: Is It Close To $1 In 2024?

PEPE’s price has surged 22.30% in the last 24 hours, pushing its value to $0.00001101 just an hour ago. It is now officially the new all-time high record for this meme coin. The frog meme coin has broken its ATH record for the second time this year, as back in March, the PEPE price surged and created a prior ATH.

The bullish nature of PEPE is persisting, with a possibility that PEPE may rise even higher in the upcoming few days. It is because the token demand has increased in the market. As a result, the trading volume has surged 300% in the last 24 hours. Moreover, PEPE’s market cap has surged 22%, pushing the value to $4,540,608,117.

The token is currently ranked 23rd on CoinmarketCap for its market cap, which has improved much from earlier. If the trend continues, PEPE will be among the top 20 cryptocurrencies.

Why Is PEPE Price Surging?

The PEPE price surge began yesterday and has been persisting even now. The token has formed two huge peaks till now with only a few hours of interval. There is still no visible endpoint for the PEPE surge. A higher peak might form if the trend continues.

After this performance, PEPE has become the most profiting meme coin, leaving behind the DOGE and SHIB in this race. The PEPE price has surged continuously for a month, bringing 95% price increases. So, how did PEPE surge to an ATH?

There were three significant factors behind this surge. It includes the popularity of PEPE in the market, the increasing dominance or demand of the meme coins, and the whale interference.

PEPE Popularity Continuing For A Year

PEPE was launched at the same time last year and has become the most preferred meme coin for investors. The token formed an immediate peak soon after its launch in 2023, making hundreds in profits for its early investors. Though a decline did come in PEPE’s price, the popularity stayed the same. The trust in PEPE profits regained at the start of this year as PEPE maintained gains for three consecutive months.

Because of these two profiting events, PEPE gained fame and a reputation in the market. This reputation is what pushed its value for days, leading to ATH. Moreover, the crypto market was going through a correction zone, and only meme coins were stable compared to the rest. This overall meme dominance has helped the current PEPE price surge.

Increased Whale Activity

As per the Sentiment report, whales carrying a transaction value over $ 100,00 have surged more than 416% in the last 24 hours. This surge in whale activity has pushed 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 the lookout for profits, the whale increased their transaction rate, and their involvement has aided in the total ATH peak. Moreover, the exchange inflow rate has surged 255%, pushing the data to 8.03 trillion tokens in inflows.

Though the outflow rate has also surged to 6.73 trillion PEPE, there’s a net inflow of 1.3 trillion coins, leading the value to surge. However, it might create selling pressure because these whales engulf all the profits in the market.

Can PEPE Achieve $1?

PEPE once again has proven its worth in the investor’s portfolio as the meme coin surged to a new ATH today. Now, the expectation is to see the PEPE price to even more before the year ends. Many PEPE investors believe that PEPE can surge to $1 and become the part of top 10 cryptocurrencies in the market.

The frog meme coin has a long way to go to the $1 mark and will require a long bull run to push the value anywhere near the $1. However, its continuous growth over the years depicts the token potential to surge $1 someday. 

The post PEPE Price Sets New ATH: Is It Close To $1 In 2024? appeared first on CoinGape.

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