The hype surrounding the PEPE memecoin is far from abating as the digital token just clinched a new All-Time High (ATH) a few hours ago. Over the past 24 hours, PEPE jumped by more than 73% pushing its price from a 24-hour low of $0.0000009165 to the new ATH of $0.000001766, data from CoinMarketcap reveals.
While the volatility surrounding the PEPE memecoin is high, there is a significant difference in the way the crypto traded within the first few days of its launch. This time around, the price growth is backed by a verifiable uptick in the trading volume on exchanges. At the time of writing, more than $407 million worth of PEPE tokens have been traded with a diluted market cap of $696 million.
The emergence of PEPE somewhat stirred a lot of dissenting views within the digital currency ecosystem. While many saw the token as a scam at the beginning, a couple of others who got in early made millions of dollars as the token recorded its meteoric rise.
The support from some of the industry’s top trading platforms has also helped in pushing the popularity and price valuation of the asset since its inception.
Where is PEPE Headed Next
The growth of PEPE to its ATH, like any other digital currency, is not sustainable. By default, the next move is for the token to undergo a major price reversal as some of the early buyers are billed to take profit.
The signs for reversal are already being showcased as despite its bullish gains at this time, it has reversed some of the gains from when it topped its ATH.
There are numerous memecoins in the industry today with Dogecoin (DOGE) and Shiba Inu (SHIB) among those that have attained the right level of stability. With market capitalization running into billions and the integration of several utilities, the pioneering memes coins are setting the standard that new entrants like PEPE can learn from.
As part of the major next steps, PEPE may seek to first stabilize its price volatility, then focus on trackable protocol utilities in the near future.
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