How did $PEPE Market Cap Grow and Reach $10B?

Bittime - The $PEPE meme coin reached a market capitalization of $10B. Learn how this growth happened and whether the PEPE price could reach new highs in the future.

The PEPE meme coin, inspired by a popular character on the internet, has just reached an impressive market capitalization of $10 billion. Priced at $0.0000254, PEPE has experienced a 27% surge in the past week, making it one of the most noticed meme coins in the crypto market.

This rapid growth marks a notable achievement for $PEPE, although the overall crypto market is still affected by supply pressures, especially as Bitcoin struggles below the $100K mark. So, what caused this incredible surge in the price and market capitalization of $PEPE?

Aside from external factors affecting the crypto market in general, $PEPE's rapid rise in market cap was also driven by a series of significant technical breakouts. One notable moment was when PEPE broke out of its price channel on the 4-hour chart, registering an all-time high of $0.000027525.

Despite the subsequent price correction, technical indicators showing bullish patterns and strong support levels provide optimism for investors and traders to continue to look at PEPE as a potentially profitable asset.

Read also: Pepe Coin (PEPE) 2024 Price Prediction: How Much Can it Rise by the End of the Year?

Factors Supporting $PEPE Market Cap Growth

One of the factors accelerating the growth of the $PEPE market cap is the high demand from the community that supports this meme coin. The $PEPE coin has managed to catch the attention of many traders with its consistent price increases, even as the overall crypto market undergoes a correction.

In a relatively short period of time, a trader who bought 121.75 billion $PEPE tokens on Binance recorded a profit of $2.13 million. This shows how investors with short-term strategies can capitalize on price momentum to make significant profits.

Not only that, the price consolidation that occurred after the all-time high was reached, shows the potential for a reversal higher. If PEPE is able to hold important support levels such as $0.00002298 and rebound after retesting, then the price of PEPE has the potential to continue the bullish trend that has been formed.

Technical analysis using Fibonacci levels also provides potential price targets at $0.000030 and $0.00003492, which could be new highs for $PEPE.

Future Projections and Potential Price Rise

Although momentum indicators such as RSI and MACD show bullish exhaustion that could trigger a price correction, PEPE's future projections remain optimistic.

With a market cap of $10B already reached, PEPE has not only caught the attention of traders but also institutional investors who may be increasingly interested in including this meme coin in their portfolios.

Also read: Pepe Coin: Tokenomics, Roadmap, Burn LP Token

To reach new price levels such as $0.000030 or even higher, PEPE needs to maintain strong support from the community and keep the bullish trend going.

However, if the price of PEPE fails to hold above crucial support levels, such as $0.00002298, then the downside risk could be as high as 30%, with the potential for the price to test lower levels around $0.000017755 again.

Nevertheless, optimism remains high as with the growth of the broader market and the continued growing adoption of meme coins, $PEPE could peak sooner than expected.

FAQ

What caused the market capitalization of $PEPE to reach $10B?

The market capitalization of $PEPE reached $10B due to a surge in demand from the crypto community, consistent price increases, as well as some significant technical breakouts, which made the coin even more attractive to traders and investors.

What is the highest price reached by $PEPE?

$PEPE reached an all-time high of $0.000027525 after breaking out of the price channel on the 4-hour chart, although it is currently undergoing a correction.

What is the future price projection for $PEPE?

If $PEPE manages to maintain the support level at $0.00002298 and continues the bullish trend, the next price target could be $0.000030 to $0.00003492. However, if it fails to maintain support, the price could drop to $0.000017755.

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Reference

thecryptobasic.com, PEPE Market Cap Crosses $10B: Flag Breakout Targets $0.00003, accessed on December 10, 2024.

Author: AWW