Pepe Coin Hits New Milestone Despite Massive Liquidation, Here’s All
Highlights
- Pepe coin overtakes ICP in global market cap, running right behind Litecoin.
- The frog-themed meme token tops $6 billion market cap, per Coinmarketcap data.
- PEPE's price rallies to hit a new ATH.
Pepe coin, a popular meme token featuring a frog theme, has become a hot topic in the cryptocurrency world. Despite facing substantial liquidations in the past 24 hours, the token has managed to push forward in its cryptographic venture, marking new milestones along the way.
Here’s a closer look at the landmark achievement scaled by Pepe Coin today, which has fueled optimism for the token’s future endeavors.
Market Cap Hits $6 Bln
According to the latest data from CoinMarketCap, Pepe coin has surged past the $6 billion market cap, surpassing the Internet Computer Protocol to secure the 20th position today, May 23. In a neck-and-neck race with Litecoin, the frog-themed meme token proudly boasted a market cap of $6.11 billion at the time of writing, with the market cap soaring as high as $6.16 billion earlier today.
This phenomenon underscored the meme coin’s burgeoning value, mirroring its recent hitting of new ATHs. Further, it’s worth noting that PEPE again hit a new ATH of $0.00001467 today, defying broader market expectations.
As mentioned above, despite encountering substantial selling pressure with massive liquidations, the token hit a new ATH. This has additionally garnered market optimism on the meme crypto, with investors continuing to extensively eye it for future gains.
Also Read: Ethereum ETF In Hong Kong Record Low Trade Volume Amid Ethereum Rally
PEPE’s Price Gains Upside Momentum
As of writing, PEPE’s price showed gains worth 5.02% in the past 24 hours and currently sits at $0.00001444. Although PEPE started the day on a bearish note, trading in the red, the token soon spiked to unprecedented levels.
Coinglass data illustrated $8.46 million recorded in PEPE liquidations in the past 24 hours, underlining increased selling pressure. It’s worth noting that despite the significant amount of liquidations, the token hit a new ATH.
Whereas, the futures and options OI jumped 2.41%, followed by a 24-hour derivatives volume plunge of 24.64%. This could be further driving PEPE’s 24-hour volatility.
Also, the RSI entered an overbought region, hovering at 76, hinting that the token may be due for a correction ahead.
Also Read: Ripple Lawsuit: XRP Lawyer Highlights Judge Torres ‘Influence’ On FIT 21 Bill
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