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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- May 23, 2024 12:54 UTC
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Pepe Coin (PEPE) Hits New ATH With $6 Billion Market Cap Despite Heavy Sell-Offs
Pepe Coin, a meme token based on frog imagery, surges in price despite large sell-offs, reaching a market cap of over $6 billion.
Despite volatility and high selling pressure, Pepe Coin continues to climb, with analysts predicting further gains.
Open interest for Pepe Coin futures and options is high, indicating potential trading opportunities
The cryptocurrency market was taken aback today as Pepe Coin, known for its frog-themed design and popularity as a meme token, achieved a significant milestone. Despite facing substantial liquidations in the past 24 hours, the token continues to climb, reaching new heights in its journey.
What’s fueling this unexpected surge? And can Pepe Coin maintain its momentum? Read on to find out!
Market Cap Milestone
Pepe Coin has now reached a market capitalization of over $6 billion, securing the 20th spot in the CoinMarketCap rankings as of May 23. With a market cap of $6.11 billion, the token has even peaked at $6.16 billion. This surge propels Pepe Coin ahead of competitors like the Internet Computer Protocol, solidifying its position as a strong player in the cryptocurrency market.
Pepe Coin has also achieved a new all-time high (ATH) price of $0.00001467. Despite significant selling pressure and large liquidations amounting to $8.46 million, the token defied market expectations and continued its upward climb.
This resilience shows growing investor optimism, with many anticipating further gains.
Market Stands Strong
Starting the day on a bearish note, Pepe Coin quickly gained momentum, increasing in price by 5.02% within the last 24 hours. The high selling pressure indicates a volatile market, yet Pepe Coin’s ability to stay strong under these conditions gives investors confidence, drawing more interest to this meme cryptocurrency.
Futures, Options, and Volatility
The open interest for futures and options has risen by 2.41%, while the 24-hour derivatives volume has decreased by 24.64%. These market changes add to Pepe Coin’s 24-hour volatility, presenting potential opportunities for traders.
Looking Ahead
As Pepe Coin continues its upward trend, analysts remain optimistic. Renowned market analyst Crypto Chase commented,
“Bullish breakout after 2+ months of consolidation. Looks quite strong along with $ETH and $PEPE. Any pullback to 0.029~ (if offered at a later date) would be a buying opportunity IMO.”
However, with the Relative Strength Index (RSI) now in overbought territory, a retracement may be likely, potentially offering buying opportunities for investors.
Also Check Out: Top Meme Coins Picks Staging The Next 10x Surge
Looks like Pepe the Frog is having the last laugh… all the way to the bank!
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