Pepe (PEPE) hit a new all-time high of $0.00002457 earlier today. The memecoin experience an incredible price spike in the last 24 hours. The frog-themed crypto is up 80.8% in the daily charts, 126.8% in the weekly charts, 146.5% in the 14-cay charts, and 119.4% over the previous month. The memecoin has also been up by nearly 1915% since November 2023.
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PEPE is currently the second-best performing cryptocurrency among the top 100 projects by market cap. The memecoin has also climbed to the 17th spot in the market cap charts. The asset is quickly gaining on Shiba Inu (SHIB), the 12th largest crypto project by market cap.
Why Is Pepe Rallying?
Memecoins are currently outperforming other cryptocurrencies. Solana-based memecoins, in particular, are experiencing stellar growth. Peanut The Squirrel (ONUT), PEPE, dogwifhat (WIF), Popcat (POPCAT), and Bonk (BONK) are all outperforming the likes of Bitcoin (BTC), Dogecoin (DOGE), etc.
Investors may be taking on more risks by investing in memecoins. There is a high probability that the Federal Reserve will cut interest rates by 25 basis points this month. Cutting interest rates often leads to investors taking on more risks.
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Donald Trump’s winning the presidential election may have led to market participants becoming confident in riskier cryptocurrencies, such as memecoins like PEPE.
Will The Memecoin Continue Climbing?
With the crypto bull run in full swing, there is a possibility that PEPE will continue its ascent. Investors and traders also anticipate lenient crypto regulations under Trump’s leadership.
According to CoinCodex, PEPE will continue its rally over the next few weeks. The platform anticipates the memecoin to hit $00.00007207 on Dec. 12, 2024. Hitting $0.00007207 from current price levels will lead to a rally of about 206.4%.
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If the crypto market loses its momentum, PEPE may face a correction.