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PEPE Market Cap Surpasses Uniswap and Litecoin: Polygon Could Be Next

source-logo  beincrypto.com 27 May 2024 15:51, UTC

PEPE price is making waves with its recent rally as meme coins dominate the crypto market.

However, the altcoin’s rise might halt now as the investors opt to book profits, leaving some records unbroken.

PEPE May Not Overtake MATIC

PEPE’s price rally resulted in the meme coin’s market capitalization nearly reaching $7 billion. This is the effect of the altcoin’s 80% rise in the past week, which made Pepe one of the top 20 cryptocurrencies.

In doing so, the meme coin outperformed Litecoin (LTC) and Uniswap (UNI) regarding market cap. At one point during the intra-day trading high, even Polygon (MATIC) was left behind, but PEPE declined to fall below it.

If the meme coin market cap crosses the $7.2 billion mark, Polygon would again lose its spot to PEPE. However, the chances are unlikely since investors are realizing profits.

PEPE Market Capitalization. Source: CoinMarketCap

As the price shot up, so did the investors’ profits considerably, which triggered selling to secure gains. The realized profits across the network rose to a two-month high.

Read More: Pepe: A Comprehensive Guide to What It Is and How It Works

PEPE Realized Profits. Source: Santiment

PEPE holders tend to sell during sudden rallies, which is also the case at the moment. Since investors are expecting a price rise, this could increase as well. This shows that profit-taking could continue, and in return, the price would take a hit.

PEPE Price Prediction: All-Time High Stops Here

PEPE price marked a new all-time high of $0.00001725 during the intra-day trading hours on Monday. Over the past week, the meme coin has registered an 80% rally, which brought the altcoin up from $0.00001000 to close to $0.00002000.

However, given that profit-taking is surging, the rally may stop here. As a result, the meme coin could fall back to $0.00001500. The altcoin will likely hold above the support of $0.00001430, though.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

PEPE Price Analysis. Source: TradingView

But if the rise continues, the cryptocurrency could push through the resistance of $0.00001725. This would invalidate the bearish thesis and help PEPE form a new all-time high.