The PEPE price hit a new all-time high of $0.00002708 at around 16:40 on Sunday, bringing its market capitalization to $11.37 billion for the first time in the history of the Ethereum memecoin.
Pepe (PEPE) has increased by over 146% in the last month and significantly by over 1,900% year-to-date, signaling a positive trend in the memecoin market even though the mega bull run or alt season peak hasn’t yet arrived.
PEPE hits a new all-time high
According to CoinMarketCap data at the time of this writing, the PEPE price has increased by 5.50% in the last 24 hours. Despite this slight price increase, the PEPE memecoin hit a new all-time high of $0.00002708 before declining just by 2.9% to $0.00002616 at present.
PEPE/USDT price today | TradingView
Meanwhile, it becomes more interesting to look at Pepe Memecoin’s 24-hour trading volume. Data shows that the trading volume of Pepe (PEPE) rose to make it the 5th most traded cryptocurrency, excluding Tether’s USDT, just minutes before it hit today’s all-time high.
At that time, the trading volume was just over $9 billion, close to surpassing Dogecoin’s $11.7 billion.
However, although the trading volume has dropped to about $7.6 billion, it still exceeds the combined volume of coins like Solana (SOL), Tron (TRX), and Cardano (ADA).
So, why is Pepe coin going up today? The main reason is that crypto whales invested over a billion dollars yesterday.
Ali Martinez, a crypto analyst with 95.2k followers on X, reported that whales increased their PEPE holdings by $1.14 billion yesterday. Generally, when whales buy more tokens, the price of the asset rises.
Whales increased their $PEPE holdings by $1.14 billion yesterday! 👀👀 pic.twitter.com/gLhCs8LCLE
— Ali (@ali_charts) December 8, 2024
In addition to whale investment, another reason for the price increase is that MoonPay has added support for purchasing PEPE. MoonPay allows around 20 million users from 180 countries to buy and sell Pepe Memecoin using Apple Pay, Venmo, and other payment methods.
Pepe price prediction: Is a 280% surge coming?
Several crypto analysts are predicting that the price of Pepe will rise significantly before January 2025.
Chandler Bing, a crypto analyst on X, shared a bullish chart that suggests the Pepe price could mirror its performance from February 2024. He showed two similar charts—one from February 2024 and another for November and December 2024.
After breaking out of this bull flag in February 2024, $PEPE gained 700% in just 15 days. Do you think this time will be different? 🐸📈 #PEPE pic.twitter.com/ZEYnzPZFVa
— Chandler Bing (@chandlerbingpl) December 8, 2024
The analyst noted that PEPE surged by 700% in just 15 days after breaking out of its bull flag in February 2024. This indicates that Pepe’s price may see similar increases soon.
In a subsequent post, he pointed out the “striking similarity” between the charts, suggesting that the price might reach $0.0001 before Christmas. If the price rises from its current level to $0.0001, that would be a 280% increase.
Other analysts, like Crypto Bratan, are also very optimistic about Pepe’s short-term potential, expecting it to reach a market value of $20 billion before the end of the year.
$PEPE CLOSED A CLEAR DAILY CANDLE ABOVE ALL RESISTANCE!!! $PEPE 20B MARKETCAP WITHIN 9 DAYS
— Crypto Bratan (@cryptobratan1) December 8, 2024
AND WITH IT THE INEVITABLE FLIP OF $SHIB BY $PEPE pic.twitter.com/9RqOU4SLtg
Meanwhile, technical indicators show strong support for buying Pepe. The summary indicators on TradingView suggest a “Strong Buy,” with 16 moving averages signaling “Buy” and only one being neutral. These signs indicate that traders and investors are hopeful about the coin’s price movement in the near future.
