With its recent surge, the PEPE price is making news, as meme coins rule the cryptocurrency market. However, the altcoin’s surge may come to a standstill as investors seek to book profits, leaving some records unbroken.
PEPE Spike Memecoin’s Market Cap, Outperforms Uniswap, Litecoin
PEPE’s price rise resulted in the meme coin’s market capitalization approaching $7 billion. This results from the altcoin’s 80% increase over the last week, which elevated Pepe to the top 20 cryptocurrencies.
Regarding market capitalization, the meme currency outperformed Litecoin (LTC) and Uniswap (UNI). During the intra-day trading high, even Polygon (MATIC) was left behind, but PEPE refused to fall below it.
If the meme currency market cap reaches $7.2 billion, Polygon will lose its place to the memecoin. However, the prospects are slim because investors are reaping profits.
![PEPE Market Cap Exceeds Uniswap, Litecoin PEPE Market Cap Exceeds Uniswap, Litecoin](https://coinxposure.com/wp-content/uploads/2024/05/image-49.png)
As the price increased, so did the investors’ profits, prompting them to sell to lock in their gains. Realized profits across the network increased to a two-month high.
![PEPE Market Cap Exceeds Uniswap, Litecoin PEPE Market Cap Exceeds Uniswap, Litecoin](https://coinxposure.com/wp-content/uploads/2024/05/image-50.png)
The memecoin holders typically sell during abrupt rallies, as is the case now. Because investors foresee a price increase, this may also rise. This demonstrates that profit-taking could continue, with a corresponding drop in price.
Can PEPE Coin Break Price Limit?
During Monday’s intraday trade, the meme coin price reached a new all-time high of $0.00001725. Over the last week, the meme coin has experienced an 80% surge, bringing it from $0.00001000 to around $0.00002000.
However, given the current surge in profit-taking, the rally may come to an end here. As a result, the meme coin may fall back to $0.00001500. However, the altcoin will remain above the support level of $0.00001430.
However, if the rally continues, the cryptocurrency may break through the resistance of $0.00001725. This would undermine the bearish argument and allow PEPE to reach a new all-time high.