PEPE Coin Leapfrogs MATIC, LTC: More to Follow?

As the frog-embossed PEPE leaps to new heights, several OG altcoins are forced to step aside in the global ranks.

Pepe the frog looking confident, Standing arms crossed on top of a huge mountain peak.
Created by Gabor Kovacs from DailyCoin
  • PEPE jumps to new heights as LTC and MATIC stay below a $7B market cap.
  • The recently approved Ether Spot ETFs serve as a powerful boost for PEPE.
  • PEPE whales take profits as Spot & Derivatives markets soar to $5.52B.

The extended bull streak for Pepe (PEPE) escalates with a new all-time high on Monday, 27 May 2024. As PEPE’s daily trading volume steadily approaches $2 billion, the frog-themed meme coin’s market capitalization overthrew two popular alternative cryptocurrencies, Polygon (MATIC) and LiteCoin (LTC).

Pepe has jumped to the #21 position by global market cap, netting a total of $7,148,905,385 just two hours into a new all-time high. PEPE soared to $0.00001699 due to renewed interest in PEPE Futures. Claiming a $3.52 billion 24-hour trading volume, PEPE outshined meme coin peers Dogecoin (DOGE) and Shiba Inu (SHIB), making $1.96 billion in combined trading volume.

PEPE to Erase More Zeroes?

While multiple whales have been spotted on-chain to cash out PEPE returns, the meme coin extends the seven-day run to 80.8%. Currently trading at $0.00001655, PEPE successfully made it through a checkpoint where crypto whales have started withdrawing gains. One Ethereum whale cashed out 1.323 trillion PEPE coins from Binance, at an approximate price of $0.00001378.

This major crypto player, making $18.2 million in the process, represents a trend in Spot markets, as PEPE’s 24-hour sales outweigh the bids of $62 million to $41 million. With 96% of current PEPE holders now in profit, the current confluent resistance line has 15.26T PEPE tokens in 8.91K addresses.

If broken through the key resistance at $0.000017, the sky’s the limit for PEPE with 10 addresses holding a dust amount of 0.000769 PEPE, according to IntoTheBlock. Ultimately, the Pepe the Frog-themed meme coin brought about a 1024.2% profit in yearly terms, while Bitcoin Cash (BCH) and UniSwap (UNI) might be next on PEPE’s hit list in the global crypto charts.

On the Flipside

  • Despite the marvelous run to a new all-time high, PEPE Coin’s Derivatives markets witnessed $901K in long position liquidations out of a total of $2.53M, according to CoinGlass stats.

Why This Matters

Pepe coin arrived in the crypto markets only in April 2023, while the OG altcoin Litecoin (LTC) has been around since 2011, when Charlie Lee, a former Google engineer, invented it.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.