- Pepe coin recently hit an all-time high price of $0.00002607, gaining 24% in one day.
- The memecoin entered the top 20 cryptocurrencies by market capitalization, now valued at nearly $11 billion.
- Large investors are accumulating PEPE, signaling long-term confidence in the asset’s potential.
The world’s favorite frog0inspired cryptocurrency has recently reached new heights. Pepe, a memecoin launched less than 2 years ago has now entered the top 20 cryptocurrencies by market capitalization.
This Saturday, $PEPE reached its all-time highest price at $0.00002607. Over the last 24 hours, the asset gained an impressive 24% in a day, becoming one of the fastest-rising digital assets of November 7th.
This record-breaking price adds up to an already successful period for the memecoin, as Pepe holders have seen over 142% yields over the last 30-day period.
Furthermore, Pepe’s most recent surge to the top has also caused its market capitalization to grow. For a project that had a market capitalization of around $1 billion during its upbringing, a year and a half later, Pepe is not the 20th most valuable digital asset, with a market capitalization of nearly $11 billion.
As far as memecoins go, Pepe has now cemented itself comfortably in the top-3 rankings, only behind Dogecoin and Shiba Inu. Given Shiba Inu’s market capitalization is relatively close at $19 billion, Pepe holders now wonder if the frog-inspired currency will be able to one day overthrow SHIB and become the second most valuable memecoin in the market.
Whales Accumulating Pepe
Large investors, also known as whales, have begun accumulating the memecoin in recent times. A recent report from crypto analysis platform LookOnChain details an anonymous investor moving nearly $7 million worth of PEPE out of an exchange.
When whales move assets away from cryptocurrency exchanges it suggests that this particular investor believes it will be a good idea to hold the asset for longer, potentially capitalizing on major profits down the line.
Given that LookOnChain’s X post was made 3 days ago, one can say that this particular whale was right for betting on Pepe for end-of-the-year profits.
