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PEPE, the Frog-inspired Meme Coin, has reached a major milestone by surpassing a market value of $10 billion for the first time. This sudden increase comes after PEPE price skyrocketed 18% in the past 24 hours, briefly reaching its highest valuation ever.
As a result of this price increase, PEPE has now surpassed Litecoin (LTC) in the market capitalization rankings. Below is an analysis of the events that led to this remarkable achievement.
Meme Coin Ethereum Ranks 21st
On Saturday, December 7, PEPE reached a market capitalization of approximately $9.07 billion at a trading price of $0.000021. However, a sharp 18% increase pushed the price to $0.000027 before falling slightly to $0.000025, the current level.
This price movement pushed PEPE’s capitalization to an impressive $10.67 billion. With 420 trillion tokens in circulation, price growth clearly plays a key role in reaching this milestone.
As a result, PEPE now ranks as the 21st most valuable cryptocurrency, surpassing Litecoin, whose market capitalization still stands at $10 billion.
Analysis from TinTucBitcoin reveals that PEPE’s recent market capitalization milestone can be seen as the result of a significant increase in network activity. Data from IntoTheBlock shows an increase in active addresses, new addresses, and unnumbered addresses – key indicators of growing demand for the Token.
Active addresses track the number of unique wallets participating in transactions, while new addresses and zero addresses measure first-time users and those who are adding PEPE to their wallets.
An increase in these metrics signals increased user engagement and bullish momentum. If this trend continues, PEPE may not only recover its highest valuation, but may continue to see further price increases.
PEPE Price Forecast: One New High Close
On the daily chart, the Moving Average Convergence Divergence (MACD) indicator has turned from negative to positive. MACD is a technical oscillator that measures momentum using the difference between 12 and 26 Exponential Moving Averages (EMA).
When the 12 EMA (blue) crosses the 26 EMA (orange), the momentum is bullish. Conversely, if the 26 EMA crosses the 12 EMA, the trend is bearish. As seen below, the shorter EMA has surpassed the longer EMA, suggesting that the value of this Meme Coin could surpass the resistance at 0.000025 USD.
If this happens, PEPE price could rise to $0.000030. However, if the bears drag the price down from $0.000025, this prediction may not be feasible. In that situation, the price could fall to $0.000015, and PEPE’s market capitalization could be below $10 billion.
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