Originally published on: November 14, 2024
The latest buzz in the cryptocurrency market revolves around PepePEPE, the top Ethereum-based memecoin, which has seen a remarkable 78% surge to reach new all-time highs. With a staggering market cap exceeding $116 billion, this memecoin is making waves in the world of digital assets.
From its recent low on Nov. 5, PEPE has skyrocketed approximately 230%, hitting a peak of $0.00002597 on Nov. 14. Current data from Cointelegraph Markets Pro and TradingView shows PEPE trading at $0.00002093, marking a 15% increase in the last 24 hours and an impressive 104% surge over the past week.
PEPE’s trading volume has also surged by 124% over the last 24 hours, reaching $19.6 billion. The market capitalization of this meme sensation briefly touched $10.2 billion before settling at $8.8 billion, reflecting the strong investor interest in PEPE.
The recent price momentum of PEPE can be attributed to several key factors that have influenced its performance over the past week. Major cryptocurrency exchanges like Robinhood, Coinbase, and Upbit have listed PEPE for trading, further boosting its popularity among investors.
President-elect Donald Trump’s promise to shake up the US Securities and Exchange Commission has also contributed to the bullish sentiment around PEPE and other memecoins. Investors are eagerly anticipating a crypto-friendly environment under Trump’s administration, which has fueled the resurgence of memecoin investments.
The broader memecoin sector has seen a substantial rally, with top players like Solana-based Dogwifhat and Base’s Brett recording significant gains. The total market value of memecoins has surged to $116.5 billion, reflecting a 111.5% increase in the past week alone.
Traders and analysts are closely monitoring the open interest (OI) in PEPE, which has soared by 160% to an all-time high of $282.2 million. Increasing demand for leveraged long positions and rising funding rates indicate a bullish sentiment among futures traders, signaling a possible continuation of the uptrend.
While the surge in PEPE’s price presents new investment opportunities, readers are advised to conduct their own research and exercise caution in their trading decisions. Stay updated on the latest market trends and investment insights by subscribing to the Markets Outlook newsletter for valuable weekly updates.
