Pepe hits $11b market cap as price reaches new all-time high

The price of the frog-themed Pepe Coin has reached a new all-time high in the last 24 hours.

Compared to the overall performance of the crypto market, Pepe Coin (PEPE) has outperformed the majority of altcoins as well as top coins.

The third largest meme coin saw its price surge to a new all-time high of $0.00002678.

Pepe’s price has also increased by more than 20% in the last seven days and more than 130% in the last 30 days.

But what is the reason for this sudden rise in prices? Let’s look at some of the possible reasons.

PEPE reaches a market capitalization of $10 billion

Pepe also surpassed the market capitalization of $11 billion. One possible reason for this rise is that of Ethereum (ETH) recent price developments.

ETH reclaimed the $4,000 level on December 6, a level seen in March. This crossing of the crucial $4,000 milestone helped tokens in the Ethereum ecosystem, including Pepe.

Additionally, PEPE Open Stake Reaches a New High of $356.79 Million According to Coin Data. This metric saw a 30% increase in the last 24 hours.

According to IntoTheBlock data98% of Pepe holders are now making money at the current price, with 0% of holders losing money.

About 25% of holders have held Pepe for more than a year and 53% have held it for one to 12 months.

Other Ethereum-based meme coins like Shiba Inu (SHIB) also recorded a modest gain of almost 3%.

Before you go, check out our recent podcast (link below) with Brian Fanzo, Pepe developer.