Pepe reaches $0.000026948 ATH, market cap reaches $11B – More gains ahead?

• Pepe has surged by 18.99% over the past day to hit a new ATH.
• The memecoin’s market cap reached $11 billion for the first time as Open Interest hit new highs as well.

Over the past 24 hours, Pepe [PEPE] has made massive gains, reaching a new milestone. Over this period, the memecoin surged to hit a new all-time high of $0.000026948.

With strong upward pressure, the memecoin has reached another milestone with its market cap hitting $11 billion, flipping Uniswap [UNI] to become the 20th largest memecoin.

The latest pump across charts shows that Pepe is experiencing increasing demand and a strong upward momentum.  In fact, as of this writing, Pepe was trading at $0.00002519.

This marked an 18.99% increase in 24 hours. At the same time, its trading volume surged by 146.16% to hit a record high of $7.54 billion.

The current market conditions leave key market players wondering how far could the memecoin go. Inasmuch, AMBCrypto’s analysis indicates that Pepe is experiencing positive sentiment, and these conditions position the memecoin for more gains.

What Pepe charts suggest

With the memecoin seeing a strong upward pressure, new investors continue to enter the market, causing higher buying pressure.

For example, whales have been actively accumulating after Pepe dipped to a low of $0.000018. As such, two wallets belonging to the same whale have bought 190.14 billion Pepe tokens after spending 4.89 million USDC.

Source: IntoTheBlock

When whales turn to accumulation, it signals their market confidence and increases demand. This phenomenon is evidenced by the fact that large transactions have spiked over the past day, from 488 up 160.25% to 1.27K.

So, whales are actively engaged in trading activities.

Source: Coinglass

Also, Pepe’s Open Interest has surged to hit a new all-time high of $335.25 million after rising by 41.12%. This implies that these transactions are investors taking positions on the memecoin.

Source: IntoTheBlock

Finally, Pepe’s daily active addresses have spiked by 56.67% from 11.45k to 17.94k. A surge in active addresses implies that the price rally is supported by strong fundamentals as the number of participants arises.

Thus, the price pump is not only supported by large holders but also retail traders. A growth in on-chain activity is central to the continued growth of an asset.

Read Pepe’s [PEPE] Price Prediction 2024–2025

What next for the memecoin?

Pepe has experienced a strong upswing over the past month, hiking by 130. 46%. With the increased accumulation and bullish sentiment, the memecoin is well positioned for more gains in its price.

Therefore, if the current momentum holds, we could see Pepe reclaim $0.000026948 and make a new high. A correction will see Pepe find support around $0.000022.