Pepe Coin Surges to $11 Billion Market Cap, Reaches New All-Time High

The price of Pepe Coin (PEPE), the popular frog-themed meme cryptocurrency, has skyrocketed to a new all-time high within the last 24 hours. Surpassing many other altcoins and meme coins, PEPE has solidified its position as one of the most dynamic assets in the cryptocurrency market.

A Record-Breaking Rally

Pepe Coin has reached an unprecedented price level of $0.00002678, marking a significant milestone. The coin’s value has soared by over 20% in the past seven days and an astonishing 130% over the past month. This growth cements Pepe as the third-largest meme coin in the market.

Breaching the $11 Billion Market Cap

Pepe Coin’s market capitalization has surpassed the $11 billion mark, an achievement fueled by a combination of market factors. One major contributor is Ethereum’s (ETH) recent rally. ETH reclaimed the crucial $4,000 level on December 6, a milestone not seen since March, boosting the performance of Ethereum ecosystem tokens, including Pepe.

Open Interest Hits New Highs

According to Coinglass data, Pepe Coin’s open interest has reached a new peak of $356.79 million, reflecting a 30% increase within the past 24 hours. This surge in open interest underscores growing investor confidence and heightened market activity surrounding PEPE.

Holder Statistics and Profitability

Data from IntoTheBlock reveals that 98% of current Pepe holders are in profit at its current price, with no holders incurring losses. Moreover, 25% of holders have held the coin for over a year, while 53% have held it between one and 12 months, demonstrating a mix of long-term and medium-term investment strategies.

Wider Impact on Meme Coins

Other Ethereum-based meme coins, such as Shiba Inu (SHIB), have also experienced gains amid Pepe’s rise. SHIB recorded a modest 3% increase, reflecting the ripple effects of Ethereum’s strong performance on its associated tokens.

Pepe Coin’s Growing Influence

Pepe Coin’s meteoric rise highlights its growing influence within the cryptocurrency market, especially in the meme coin sector. As the coin continues to shatter records, it underscores the evolving dynamics of investor behavior and market sentiment.