- PEPE has surged to an all-time high of $0.000027, crossing an $11 billion market cap and outperforming rival memecoins Dogecoin and Shiba Inu with year-to-date gains of 2,570%.
- The rally is driven by record Ethereum ETF inflows and growing investor demand, positioning PEPE for continued bullish momentum.
In the fast-paced world of cryptocurrency, memecoins have always been a battleground for market dominance. This week, PEPE has emerged as the clear victor, overtaking stalwarts Dogecoin (DOGE) and Shiba Inu (SHIB) with a jaw-dropping price rally and unprecedented market activity. Let’s dive into what’s driving PEPE’s meteoric rise and what lies ahead for this memecoin superstar.
Breaking Records and Setting Milestones
On December 8, 2024, PEPE achieved an all-time high of $0.000027, crossing an $11 billion market cap for the first time. This milestone not only places PEPE among the top 20 cryptocurrencies globally but also solidifies its position as the most in-demand memecoin of the year. Its year-to-date (YTD) gains of 2,570% dwarf those of DOGE (200%) and SHIB (400%), making it a standout performer in 2024.
Why is PEPE Skyrocketing?
The rally is closely tied to a surge in Ethereum ecosystem inflows. This spike followed the nomination of crypto-friendly Paul Atkins as the new SEC Chair under the Trump administration. Speculation around potential policy changes—particularly those enabling staking yields for crypto ETFs—has driven record inflows into Ethereum-based assets.
In fact, Ethereum ETFs saw their highest-ever single-day inflows of $428 million on December 5, setting the stage for PEPE’s 33.9% surge in just three days. As one of the most prominent Ethereum-hosted memecoins, PEPE has directly benefited from this influx of capital.
New Investors Flock to PEPE
The buzz around PEPE isn’t limited to price action. On-chain data reveals that over 13,000 new wallets acquired PEPE between December 6 and December 9. This spike in new addresses underscores growing interest from fresh investors, suggesting that PEPE’s rally is driven more by organic demand than speculative trading.
This level of grassroots adoption strengthens PEPE’s position and minimizes the risk of a rapid sell-off, even if some traders take profits in the coming days.
The Road Ahead: $0.000030 and Beyond?
Technical indicators paint a bullish picture for PEPE. The token currently trades near $0.00002647, with the potential to test the $0.000030 mark. Insights from the Keltner Channel and Bull Bear Power indicators support a continuation of upward momentum, provided strong volume and sustained buying pressure remain in play.
Key support levels at $0.00002400 and $0.00002136 ensure a safety net for the token, while a breakout above $0.000030 could set the stage for the next target of $0.00003250.
Conclusion: A Rising Star
As 2024 nears its end, PEPE’s unprecedented rally cements its status as the year’s standout memecoin. With strong fundamentals, growing adoption, and a favorable market backdrop, PEPE seems poised to maintain its momentum and possibly redefine the memecoin landscape for the foreseeable future.
