The price of Pepe coin surged by nearly 20% as 2024 drew to a close, recovering some losses made earlier in the month. Pepe, currently the third-largest meme coin, reached a high of $0.000022, its peak since December 18. This increase followed a social media move by Elon Musk, who updated his profile picture on X to an image resembling Pepe. Musk’s actions, given his substantial influence and previous impact on Dogecoin, suggest rising interest in Pepe. His tweets about Dogecoin in 2020 coincided with a surge that made it the top meme coin by market cap.
Since its inception in 2023, Pepe has achieved extraordinary growth, with its market cap peaking over $10 billion this month after a year-long climb of almost 1,500%. Data shows 70% of its holders, about 178,000 people, are in profit, while 24% report losses. The token’s recent rally saw it surpassing a key resistance level and trading above the 200-day and 100-day moving averages, signaling a potential continued rise.
Analysts predict further gains for Pepe as it targets the yearly high of $0.00002833, about a 33% increase from current levels. Positive market dynamics, including Donald Trump’s upcoming swearing-in and anticipated cryptocurrency reinvestments from FTX distributions, might catalyze further price increases. This optimism is tempered by the possibility of some investors cashing out, as discussed in analyses of the ‘smart money’ movements within the market.
