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Pepe Coin Reaches New Milestone Despite Massive Liquidation, Here’s Everything
Pepe coin, a popular frog-themed meme token, has become a hot topic in the cryptocurrency world. Despite facing substantial liquidations in the last 24 hours, the token has managed to advance its crypto venture, marking new milestones along the way.
Here is a closer look at the historic achievement achieved by Pepe Coin today, which has fueled optimism for the token’s future endeavors.
Market value reaches US$6 billion
According to the latest data from CoinMarketCap, Pepe coin has surpassed the $6 billion market capitalization, surpassing the Internet Computer Protocol to secure the 20th position today, May 23. In a neck-and-neck race with Litecoin, the frog-themed meme, the token proudly boasts a market cap of $6.11 billion at the time of writing, with the market cap rising to $6. 16 billion earlier today.
This phenomenon highlighted the rising value of the meme coin, reflecting its recent achievement of new ATHs. Furthermore, it is worth noting that PEPE it again reached a new ATH of $0.00001467 today, defying broader market expectations.
As mentioned above, despite encountering substantial selling pressure with massive liquidations, the token reached a new ATH. This has also generated market optimism towards the crypto meme, with investors continuing to watch it extensively for future gains.
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PEPE price gains positive momentum
At the time of writing, PEPE price has shown gains of 5.02% in the last 24 hours and is currently at $0.00001444. Although PEPE started the day on a down note, trading in the red, the token soon reached unprecedented levels.
Data from Coinglass illustrated US$8.46 million recorded in PEPE liquidations in the last 24 hours, underlining increased selling pressure. It is important to note that despite the significant amount of liquidations, the token has reached a new ATH.
Whereas futures and options OI jumped 2.41%, followed by a drop in 24-hour derivatives volume of 24.64%. This could be further boosting PEPE’s 24-hour volatility.
Also the RSI has entered an overbought region, hovering at 76, suggesting the token may be subject to a future correction.
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