- Pepe price reached $0.0000142 ATH, showing resilience and market prowess.
- Among the factors that triggered Pepe’s rally are the surge in Ethereum and altcoin circulation.
- Despite profit-taking by early investors, whale activity continues to create optimism.
In a surprising turn of events, the price of Pepe surged to a new all-time high, reaching around $0.0000142.
This surge is a significant milestone for the frog-themed meme coin as it establishes itself as one of the best-performing coins in the cryptocurrency market.
Notably, the current bullish momentum in Pepe price comes after a period of internal challenges among developers, which represents a remarkable turnaround for the cryptocurrency.
Despite a rough start, Pepe has recently gained significant traction, with a market capitalization exceeding $5.77 billion.
What’s causing the current surge in Pepe prices?
Altcoin markets, including Pepe, have benefited from a notable shift in investor sentiment, with capital flowing from Bitcoin to alternative assets.
This money cycle has fueled a continued altcoin recovery, with Pepe emerging as an outstanding performer in this resurgence.
Pepe’s adoption and liquidity also played a role in its price valuation. With high liquidity of Wrapped Ether (WETH) worth around $60 million and over 223,000 holders facilitating around 2 million transfers, Pepe has seen strong on-chain activity.
But even amidst the euphoria surrounding Pepe’s price surge, there are also signs of warning. On-chain data analysts like Lookonchain have pointed out instances of early Pepe (PEPE) investors taking profits.
Nonetheless, despite these concerns, optimism remains strong, with whale purchasing activity picking up in the Pepe ecosystem, raising expectations of a new upswing in the coming weeks.
Moreover, the possible approval of a spot Ether ETF by the U.S. Securities and Exchange Commission (SEC) could provide additional catalyst to Pepe’s upward trajectory. The current Pepe price surge appears to closely parallel that of Ethereum (ETH) amid the hype caused by the approval of a potential Ether ETF.
Pepe followed up by highlighting the interconnectedness of various cryptocurrencies within the broader market ecosystem.