Pepe Market Cap Reaches $8 Billion: Pure Hype or Dogecoin Effect?

Bittime - Pepe's market cap has reached more than $8 billion (around IDR 128 trillion). This is a quite surprising number considering the very fluctuating price of this coin. What are the factors? Follow this article to find out!

Is this surge a sign of great potential or just a hype phenomenon, similar to what happened with Dogecoin? As we know, Dogecoin (DOGE) has long been a symbol of the meme coin's power in the crypto world, driven by celebrity support and a solid community. 

Now, Pepe seems to be following in these footsteps, even achieving quite an impressive market cap value, making investors and analysts increasingly interested in digging deeper into the potential of this coin. 

However, does Pepe really have a strong foundation, or is this just the effect of a bigger boom like the one Dogecoin experienced? Let's discuss it further.

Pepe Market Cap Reaches $8 Billion: A Curious Surge

Pepe Coin, which experienced a peak market cap of up to $11 billion (around IDR 177 trillion), is now experiencing a significant surge again after previously dropping to a level of around $6 billion (around IDR 96 trillion). 

Currently, Pepe's market cap has exceeded $8 billion (around Rp. 128 trillion), triggering new optimism among crypto investors and analysts. Even though Pepe's price is currently down around 7% in the last month and 14% in the last week, this surge in market cap still attracts attention.

Also read: $PEPE Price Prediction 2025: Can PEPE Reach $1?

This figure is a noteworthy achievement, considering that Pepe Coin previously reached its all-time high price (ATH) of $0.00002803 (around Rp. 0.45) last December. 

Even though the price is currently around 31% below that ATH, Pepe has recorded a very impressive annual increase of around 1,300%, a number that is quite tempting for investors.

Reasons why Pepe Market Cap is Rising

So, what is the main reason for the spike in Pepe's market cap? There are several factors that can explain this phenomenon. One of them is the phenomenon that occurred with Dogecoin. 

As one of the meme coins with the largest market cap, Dogecoin has proven capable of maintaining its appeal thanks to support from celebrities such as Elon Musk and a growing community. Not infrequently, Dogecoin is a reference for many other meme coins, including Pepe.

Also read: PEPE Coin Is: Definition, History, and Everything You Need to Know

Apart from that, interest in meme coins in general is increasing, especially when the crypto market is experiencing a bullish wave. Pepe, with its strong meme appeal and solid community, has succeeded in attracting the attention of investors who want to profit from this meme coin "wave". 

Although Pepe does not have as significant utility as some other coins, its presence in the market is driven more by community appeal and the viral effect generated by the Pepe the Frog meme.

However, although many think that Pepe is just a hype phenomenon, there are also those who believe that this coin can survive in the long term. One of the reasons for this optimism is the price position which currently remains above the long-term moving average. 

This shows the potential to continue the positive trend in the future. Some analysts even predict that Pepe could reach a higher price target, such as $0.000030 (around IDR 0.48) to $0.000060 (around IDR 0.96) in this bull market cycle.

Also read: Pepe Coin: Features, How It Works, Wallet and Roadmap

FAQ About Pepe Coin

What is Pepe Coin?

Pepe Coin is a meme coin built on the Ethereum blockchain. This coin is a tribute to the legendary internet meme "Pepe the Frog" which was popular since the early 2000s. 

Is Pepe Coin a good investment?

As a meme coin, Pepe is very dependent on fluctuating market demand. While there is potential for gains in the short term, as with Dogecoin, major risks also exist. 

Can Pepe Coin beat Dogecoin?

Although Dogecoin has proven to have a very solid community and celebrity support, Pepe Coin is still far from achieving the same popularity and stability. 

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Reference 

coinmarketcap, Pepe Coinmarketcap, Accessed December 31, 2024.

The Crypto Updates, PEPE Surpasses $8B Market Cap As It Follows Dogecoin’s Bullish Strength; Lunex Network Aims For Price Pump Before 2025, accessed December 31, 2024.

Author: Y