Pepe Coin Hits All-Time High As Meme Rally Continues

Yolowire 15-May-2024 10:41 AM

%Pepe coin (CRYPTO: PEPE) has reached an all-time high and achieved a $5 billion U.S. market capitalization as the rally in both meme stocks and meme coins continues.

The frog-themed meme coin, built on the Ethereum blockchain, is now the third-largest meme coin after %ShibaInu (CRYPTO: SHIB) and %Dogecoin (CRYPTO: DOGE).

Pepe coin’s price has shot upwards as retail investors once again pile into meme coins and stocks.

However, Pepe had already been rallying in recent months on news that the digital token was being listed for trading on major exchanges such as Binance and %Coinbase (NASDAQ:COIN).

The rally in Pepe, which has no set purpose and was started as a joke, has occurred alongside a significant increase in trading volume, reflecting growing interest in the meme coin.

In the last 24 hours, Pepe coin’s price has risen 12% to $0.0000113 U.S., supported by a 92% increase in trading volume to $3.81 billion U.S.

Despite the big gains, Pepe coin remains extremely volatile and is prone to big price swings that can lead to sizable losses for investors.

The Relative Strength Index (RSI) for Pepe is currently above 75, indicating that the coin has entered overbought territory and might be due for a correction.