Over the last four days, the PEPE coin has surged by as much as 76%, culminating in an all-time high mark of $0.00001535 on Thursday. Now, all eyes are on whether or not the meme coin could continue its incredible run. Specifically, the coveted $0.001 mark could represent the new target price for the token.
The last week has been immensely impressive for Pepe, as the meme coin has catapulted itself into the top 20 of all cryptocurrencies. Subsequently, the third-largest meme coin by market cap may be on its way to even higher gains despite settling at the $0.00001425 mark, according to CoinMarketCap.
Also Read: PEPE vs. Shiba Inu: The Battle for Meme Coin Supremacy
Pepe Surges 76% to New Heights
Since Dogecoin (DOGE) was first created, it has led the meme coin market. Its status has been undeniable and has only been revealed by Shiba Inu (SHIB), a worthy contender that has proven its value since it launched in 2020. However, the last several years have seen the rise of a host of new meme coin competitors.
Yet none have increased as much as PEPE has over the last year. Arriving in 2023, the frog-themed meme coin has quickly ascended up the ranks, becoming the third-largest meme coin. Amid its continued surge, the industry is now awaiting to see the heights that it can ultimately achieve.
Also Read: PEPE Enters Top 20 Cryptocurrencies Amid 40% Surge This Week
The last week has proven even more fruitful for Pepe Coin, as it has skyrocketed as much as 76% over the last four days. Although it has cooled off since its all-time high on Thursday, it is still in the green until the end of the week. Specifically, the coin is up more than 2.76% over the last 24 hours.
From May 13th to May 21st, the meme coin consolidated prior to its massive ascension. The speculation regarding Spot Ethereum ETFs had played a crucial role in that, propelling the Ethereum-based meme coin to new heights.
Pepe Targeting $0.001 After All-Time High This Week?
Also Read: Pepe Forecasted to Flip SHIB and DOGE After Hitting New ATH
Pepe doesn’t appear to be slowing down any time soon, though, as it is still bullish. The asset is facing strong support at the $0.00001380 level, which it has currently tested multiple times. Furthermore, metrics support the continued increases in asset prices in the coming weeks.
Santiment, an on-chain analysis firm, reported a massive increase in addresses holding Pepe. Specifically, that figure increased from 3,600 on May 21st, to 12,000 on May 22nd. Moreover, Market Value to Realized Value (MVRV) figures show that 39% of May investors are in profit.
That showcases clear confidence among investors and may be able to sustain the asset’s price trajectory. Moreover, it could provide further increases in price, as the token seeks to contend with the path toward the $0.001 mark.