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Pepe (PEPE) slips into the top 20 list with an 825% yearly gain, showing potential to surpass Litecoin, Polygon, and Shiba Inu.
Despite a modest global market correction in the last 24 hours, Pepe has managed to outperform expectations and climb into the top 20 rankings. Per data from CoinMarketCap, PEPE has achieved a remarkable 825% gain over the past year. This impressive achievement is a testament to Pepe’s strong fundamentals and growing investor confidence.
PEPE’s Rise
Issued in April 2023, the frog-themed token swiftly soared to a $1 billion market cap within weeks of its debut. At press time, PEPE stands as a mainstay in the meme coin arena, boasting a valuation of $5.8 billion. This huge growth has crowned PEPE as the most significant meme coin launch of 2023, outshining competitors such as Bonk (BONK) and Dogwifhat (WIF) despite their meteoric surges.
With PEPE outsmarting nearly eight tokens since Monday, market experts predict that the token will soon surpass Litecoin and Polygon in market cap. A similar report by Crypto Basic suggests that PEPE might soon surpass Shiba Inu (SHIB), per industry estimates.
Is SHIB’s Reign at Risk?
According to the report, for PEPE to reach Shiba Inu’s (SHIB) market cap, its price would need to rise to $0.00003582. This would represent a significant increase of 221.8% from its current value. As of press time, PEPE is trading at $0.00001382, marking a 2.40% decrease from the previous day’s price.
However, despite this slight dip, PEPE’s price has surged by 35% over the past 7 days. In comparison, SHIB is presently priced at $0.0000241, with a 24-hour trading volume of $933,188,157. SHIB’s market cap stands at $14.212 billion, indicating its more substantial market presence and higher investor interest.
PEPE Resistance at $0.000016900
On the daily chart, PEPE/USD is stabilizing around the 78.6% Fibonacci retracement level. In this phase, the price might oscillate between the support level of $0.000010867 and the resistance level at its all-time high of $0.000016900.
Should buying pressure increase and PEPE/USD break above the all-time high of $0.000016900, it could pave the way for a new high. Conversely, if the price fails to break this resistance, a pullback to the next support level at the 50% Fibonacci retracement around $0.000010867 is likely.
Further support levels to watch are the 38.2% Fibonacci level at approximately $0.000008000 and the 23.6% Fibonacci level at around $0.000004000.