The frog-themed meme coin PEPE has achieved a massive milestone, surpassing a $10 billion market cap for the first time. Following an 18% price surge in just 24 hours, the token briefly hit a new all-time high, cementing its spot as the 21st largest cryptocurrency, overtaking Litecoin.
PEPE’s Price Surge Fuels Market Cap Milestone
On December 7, PEPE’s market cap stood at $9.07 billion with a price of $0.000021. A sharp 18% rally pushed the price to $0.000027, before settling at its current level of $0.000025. This rally boosted PEPE’s market cap to an impressive $10.67 billion, a major milestone for the Ethereum-based meme coin.
The token now ranks 21st in market cap, overtaking Litecoin, which sits at $10 billion.
Increased Network Activity Drives Demand
PEPE’s surge can be linked to a noticeable rise in network activity. According to data from IntoTheBlock, active addresses, new addresses, and zero-balance addresses have all increased significantly.
- Active addresses: Unique wallets engaging in PEPE transactions.
- New addresses: First-time users engaging with the token.
- Zero-balance addresses: Wallets adding PEPE for the first time.
This spike in activity reflects growing user interest and bullish sentiment, which could push the token beyond its current price levels.
PEPE Price Prediction: What’s Next?
Technical indicators suggest more upward momentum could be on the horizon. On the daily chart, the Moving Average Convergence Divergence (MACD) has turned bullish.
The MACD measures momentum by comparing two exponential moving averages (EMA):
- When the 12 EMA crosses above the 26 EMA, it signals bullish momentum.
- Conversely, a bearish trend occurs when the 26 EMA crosses above the 12 EMA.
Currently, the 12 EMA has moved above the 26 EMA, suggesting the potential for PEPE to break resistance at $0.000025.
If this level is surpassed, analysts predict a rally toward $0.000030. However, if bears pull the price below $0.000025, PEPE could dip to $0.000015, lowering its market cap below $10 billion.
PEPE’s Future: Strong Momentum or Cooling Off?
PEPE has captured the market’s attention with its impressive performance. If demand continues to grow, the token could reclaim and surpass its all-time high. However, the market will need sustained buy-side pressure to maintain its bullish trajectory.
