The price of the frog-themed Pepe Coin has risen to a new all-time high in the last 24 hours.
Compared to the overall cryptocurrency market performance, Pepe Coin (PEPE) outshone most altcoins as well as major meme coins.
The third largest meme coin has seen its price soar to a new all-time high of $0.00002678.
Pepe’s price is also up more than 20% in the last seven days and more than 130% in the last 30 days.
But what is the reason for the sudden price increase? Let’s look at some of the possible reasons.
PEPE reaches a market capitalization of 10 billion dollars
Pepe has also surpassed the market capitalization of $11 billion. One of the possible reasons for this increase is the recent price performance of Ethereum (ETH).
ETH had reclaimed the $4,000 level on December 6, a level seen in March. This breach of the crucial $4,000 milestone has helped tokens in the Ethereum ecosystem, including Pepe.
Additionally, PEPE open interest has a new high of $356.79 million according to data from Coinglass. This metric has seen a 30% increase in the last 24 hours.
According to IntoTheBlock data, 98% of Pepe holders are now making money at the current price, and 0% of holders are making losses.
About 25% of holders have had Pepe for more than a year and 53% have had it for a period of one to 12 months.
Other Ethereum-based meme coins like Shiba Inu (SHIB) have also seen a modest gain of close to 3%.
Before you go, check out our recent podcast (linked below) with Pepe developer Brian Fanzo.
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