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Market Cap Exceeds $6 Billion

The cryptocurrency market is surprised as Pepe Coin, with its frog-based aesthetic and popular meme token status, hit a large milestone today. Despite taking large liquidations in the last 24 hours, the token keeps rising, taking new heights in its cryptographic journey.

Market Cap at ATH

Reaching a market capitalization value of over $6 billion and ranking at the 20th spot in the CoinMarketCap standings today, May 23, the frog-themed meme token can proudly boast a market cap of $6.11 billion and has peaked higher at $6.16 billion. 

With this surge, Pepe Coin gains the lead over its competitors, like the Internet Computer Protocol, to hold its spot as a formidable crypto player in the market.

Moreover, Pepe Coin has achieved a new ATH price of $0.00001467. 

Despite the large selling pressure seen as liquidations were quite large, the token disregarded market expectations and surged even more. This further reflected the increasing optimism in Pepe Coin, and investors eagerly await even more gains to follow.

Upside Momentum and Market Dynamics

Starting the day on a bearish note, Pepe Coin caught momentum and gained 5.02% in price within the last 24 hours. At the same time, however, the large liquidations amount to $8.46 million, so there is clear high selling pressure in the market. However, the fact that Pepe Coin remains resilient in such challenges instills confidence among investors and brings further interest in meme crypto.

Open interest for futures and options has surged 2.41%, while 24-hour derivatives volume has decreased 24.64%. All these market dynamics bring Pepe Coin 24-hour volatility, signaling potential opportunities for traders.

Looking Ahead

With Pepe Coin resuming its uptrend, analysts continue to be bullish on it. Popular market analyst, Crypto Chase commented, “Bullish breakout after 2+ months of consolidation. Looks quite strong along with $ETH and $PEPE. Any pullback to 0.029~ (if offered at a later date) would be a buying opportunity IMO.” However, given that the RSI has plunged into overbought levels, a retracement could be in the works, providing buying opportunities for investors.

Also Check Out: Top Meme Coins Picks Staging The Next 10x Surge

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