By
Chimamanda U. Martha
June 17th, 2024
With PEPE still in price discovery mode, analysts are making bold predictions about its future trajectory
In an exciting new development, the PEPE meme coin has achieved a significant milestone by surpassing Polygon (MATIC) in terms of market capitalization, securing the 19th spot in the cryptocurrency rankings. During today’s early trading hours, PEPE reached a remarkable market cap of $7.167 billion, edging past Polygon’s market cap of $7.113 billion.
This milestone marks a significant achievement for the PEPE memecoin, which has experienced an extraordinary uptrend since the year began. PEPE price has skyrocketed by approximately 140% in the last month alone, solidifying PEPE’s position as the third-largest meme coin by market capitalization. Since its launch in April 2023, PEPE has continued to attract widespread attention from investors and enthusiasts.
PEPE’s Remarkable Growth
Driving this bullish momentum is the surge in social media activity surrounding PEPE, indicating a notable increase in interest and engagement among investors and enthusiasts. The PEPE community has played a crucial role in driving adoption and awareness, actively promoting the token through social media campaigns, community events, and online forums.
The number of active PEPE-holding addresses has surged fourfold in the past week, skyrocketing from 3,600 to 12,000. This surge in holders reflects broader investor interest in PEPE, highlighting its growing popularity and appeal in the crypto market.
One notable aspect of PEPE’s growth is the significant whale activity. A whale investor recently withdrew 1.32 trillion PEPE tokens from Binance, generating a 21% return so far. Accumulation of PEPE by whales indicates strong confidence in the token’s future prospects and suggests that major players see long-term potential in the meme coin.
Despite facing $4.58 million in liquidations, PEPE has demonstrated impressive resilience and climbed to below the 20th position in cryptocurrency market cap rankings. The token’s ability to absorb liquidations while maintaining its uptrend emphasizes its strong bullish momentum and investor confidence.
Bold Predictions and Technical Resilience
With PEPE still in price discovery mode, analysts are making bold predictions about its future trajectory. Some argue that the token could surge another 10-15x this year, with a price target of $0.0002 by 2025. Technical analysis shows that PEPE has posted higher lows and higher highs above its 50-day and 200-day moving averages, suggesting continued bullish momentum.
However, not everyone is convinced of PEPE’s sustainable rally. A recent withdrawal of 491 billion PEPE tokens to Binance by a whale investor suggests that some major holders believe the token may be overvalued and are eager to realize profits before a potential pullback. The volatility of meme coins like PEPE brings about a lot of uncertainty surrounding their long-term stability.
While its long-term prospects remain uncertain, PEPE has undeniably emerged as the breakout meme coin story of 2023, captivating investors and enthusiasts alike with its unprecedented rise.