Key take aways:
- PEPE reaches $11 billion in market capitalization, ranking third among meme coins and 20th among all cryptocurrencies.
- With $1.67 billion in derivatives trading, whale accumulation propels PEPE’s 20% increase.
- Analysts anticipate a 150% increase in PEPE, with a target of $0.000063.
PEPE is now the third-largest meme coin by market value after reaching an all-time high today and surpassing a $10 billion market capitalization. Since then, Pepe’s market value has increased to more than $11 billion, placing it as the 20th largest digital asset in the whole cryptocurrency market.
Memecoin PEPE’s remarkable upswing, which at the time drove the asset north by 50% every day and 100% in a week. This resulted from certain listings on major exchanges such as Robinhood and Coinbase. PEPE and many other meme coins calmed and retraced by up to 25% in the ensuing weeks. This didn’t stop investors from investing in it, though.
In fact, this spike happened only a few days after we announced the whale purchases. PEPE went into overdrive in the last day alone, rising 20% and surpassing its record high of November 13. CoinGecko data shows that the most recent peak occurred just minutes ago at $0.00002622. As a result, PEPE has maintained its ranking as the third-largest meme currency. With a market valuation of more than $11 billion, it has also surged to the 23rd position overall among all cryptocurrencies.
On the contrary, on-chain data revealed that whales kept acquiring the asset through a series of large purchases made in a matter of days. Because of the diminishing supply, these purchases usually come before price increases for the underlying asset.
