cryptopolitan.com
$PEPE hit a new all-time high of $0.000027 on December 8, crossing the $11 billion market cap milestone for the first time. Analysts are now predicting the crypto will continue leading the memecoin market, staying ahead of popular coins $DOGE, $SHIB, $UNI and $LTC.
According to data from crypto market data tracker CoinMarketCap, memecoin $PEPE now ranks 20th on the crypto market cap list, going past Uniswap ($UNI) and Litecoin ($LTC).
The coin’s recent price surge has extended its year-to-date (YTD) gains to an impressive 1,550%, setting it at a prime position to outperform rival memecoins Dogecoin ($DOGE) and Shiba Inu ($SHIB) by the end of FY2024.
Crypto market analysts have attributed the recent price uptick to speculation that the U.S. Securities and Exchange Commission (SEC) under a potential Trump administration could approve policy changes facilitating staking yield for crypto exchange-traded funds (ETFs).
Such a shift, per analysts from Bernstein, could enable ETFs tracking spot prices of Proof-of-Stake coins like Ethereum to stake their holdings, which may exponentially boost yields for investors.
$PEPE market cap outperforms $DOGE, $SHIB
$PEPE’s price jumped by 33.9% in just a few days, moving from $0.000020 to $0.000028 between December 5 and December 9. As a result, the memecoin’s market cap broke past $11 billion, making it the 20th largest crypto globally.
Notably, the coin’s price has risen by almost 140% in the last 30 days, outperforming $DOGE and $SHIB’s 30 day price upticks, recording at 113% and 60% respectively.
$PEPE price rally flips $DOGE, $SHIB, $UNI, and $LTC - Here's why">
The crypto coin’s rise has also been reflected in its growing demand. In the three days leading up to December 9, $PEPE saw a surge in new addresses, with 13,030 new wallets created. The growth trend indicates the market sentiment could be more than short-term speculation, and the coin may have gained sustained interest from new market entrants.
The coin’s price upward trajectory was also fueled by FOX News business talks, which mentioned $PEPE and Bitcoin as “very good investments.”
Whale activity boosts $PEPE positive price rise
Recent data from IntoTheBlock shows a dramatic shift in the crypto coin’s whale activity, with large holders moving from a net inflow of over 1 billion $PEPE on December 6 to a significant net outflow of nearly 2 trillion $PEPE by December 8.
This type of sell-off, often seen as a sign of profit-taking or panic, typically results in price declines. However, $PEPE’s price has remained resilient, posting a 27.3% surge over the past week, unaffected by the whale sell-offs.
In addition, $PEPE’s open interest (OI) has hit new highs. Per CoinGlass data, the coin’s OI levels have increased to $370.8 million, reflecting a 9% rise in just 24 hours. The number of short-term $PEPE holders has surged by 263% in the past month, reaching 80,450 unique addresses, further supporting the upward market price momentum.
$PEPE price rally flips $DOGE, $SHIB, $UNI, and $LTC - Here's why">
Market analysts are increasingly bullish on the coin’s future price action. Technical analysis suggests a bullish outlook for $PEPE, with key patterns indicating further price growth. According to Analyst Captain Faibik, the coin has broken out of a multi-month symmetrical triangle, potentially driving the price up to $0.000031, marking a 19% increase from current levels.
Similarly, a chart expert on X using the pseudonym Chandler Bing noted the formation of a Cup and Handle pattern, a rare bullish signal in technical analysis, which suggests that the coin’s rally could continue in the short term.
$PEPE has formed a cup and handle pattern, signaling a potential breakout. Keep an eye on this one. 🐸📈 #pepe pic.twitter.com/mfZ8xLtO4E
— Chandler Bing (@chandlerbingpl) December 8, 2024
At press time, $PEPE is trading at $0.00002556, up 4% in the last 24 hours, as per recent updates from CoinMarketCap.
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