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.
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.
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.