PEPE Price Increases, Pepe Market Cap Also Increases!

Bittime - Meme coin Pepe (PEPE) reaches the level of $0.0000275 on the 30th day of December 2024, approaching PEPE's ATH of $0.0000282.

This increase in PEPE prices was also accompanied by a market capitalization that exceeded $11 billion. Read this article to find out more!

PEPE Price Increases

PEPE prices jumped by 18% in the past week. This increase was driven by increased market interest, as can be seen from the rise Open Interest (OI). 

PEPE's OI on Saturday (28/12) in the futures market was $251.7 million, then rose to $370.44 million on Monday (30/12).

This increase in OI indicates new inflows into the market and high buying interest. This trend suggests further upside potential, with analysts predicting the next price target to be at $0.0000336.

Read Also: Who is the creator of Pepe (PEPE) and what is the reason?

PEPE Price Increases: Pepe Market Cap

Apart from PEPE's price increasing, Pepe's market capitalization has now exceeded the figure $11 billion,. This figure places PEPE among the tokens with the largest market capitalization.

Meme coin was first launched in April 2023 and has experienced rapid growth. This latest surge shows the strength of the PEPE community as well as the meme coin's growing appeal.

PEPE Price Increases: PEPE Price Prediction

Technically, PEPE shows a positive signal to continue the PEPE price trend upwards. On Saturday, PEPE price managed to break out of a descending trend line, triggering a rally of more than 22% in a few days. 

The next price target is expected to be levhe $0.0000336, based on a 141.40% Fibonacci extension calculated from the low on November 4 ($0.0000077) to the high on November 14 ($0.0000260).

However, there are things you need to pay attention to. Relative Strength Index (RSI) on the daily chart it is at 68, approaching the overbought level of 70. So, you are advised to be careful because the opportunity for price correction is getting bigger.

Read Also: How many Rupiah is 1 PEPE? PEPE Price Today 28 December 2024!  

Pepe (PEPE) FAQs

What is Pepe (PEPE)?

Pepe (PEPE) is a meme coin inspired by the character Pepe the Frog, a popular internet meme, so it immediately attracted the attention of investors thanks to its viral trend.

Does Pepe (PEPE) Have Real Utility?

As a meme coin, Pepe (PEPE) does not have significant technical utility like smart contracts. The value of these tokens is largely driven by community, trends, and market speculation.

Why is Pepe (PEPE) Popular?

Pepe (PEPE)'s popularity stems from its status as a meme coin, which has caught the attention of the crypto community and social media users. Viral trends and community support are the main factors driving the value of this token.

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Reference

Manish Chhetri, Pepe meme coin hits new all-time high, with market cap surpassing $11 billion, accessed December 31, 2024.

Author: IPR