The PEPE meme coin has surpassed Polygon (MATIC) in market capitalization, to become the 19th largest cryptocurrency. During today’s early trading hours, PEPE’s market cap reached $7.167 billion, edging past Polygon’s $7.113 billion.
PEPE’s Remarkable Growth
Since the year began, PEPE has experienced extraordinary growth. PEPE price has skyrocketed by 140% last month alone. This ascent has solidified PEPE’s position as the third-largest meme coin by market cap.
The bullish momentum has been driven by a surge in social media activity, increasing investor interest, and engagement. The PEPE community has been instrumental in promoting the token through social media campaigns, community events, and online forums. The number of active PEPE-holding addresses has increased fourfold in the past week, from 3,600 to 12,000.
Significant whale activity has also contributed to PEPE’s rise. A whale investor recently withdrew 1.32 trillion PEPE tokens from Binance, generating a 21% return so far. This accumulation indicates strong confidence in the token’s future prospects and suggests major players see long-term potential in PEPE.
Bold Predictions and Technical Resilience
Analysts are making bold predictions about PEPE’s future. Some argue that the token could make another 10-15x surge this year and a potential price target of $0.0002 by 2025. Technical analysis shows PEPE posting higher lows and higher highs above its 50-day and 200-day moving averages, indicating continued bullish momentum.
However, scepticism remains regarding PEPE’s sustainable rally. A recent withdrawal of 491 billion PEPE tokens to Binance by a whale investor suggests some major holders believe the token may be overvalued and are eager to realise profits before a potential pullback. The inherent volatility of meme coins like PEPE brings uncertainty regarding their long-term stability.