PEPE just can’t stop, hits new high beating DOGE, SHIB

It looks like the Doge days are over as Pepe has completely outperformed the biggest of the meme cryptos and this rally is not stopping here. Pepe has turned out to be one of the trendiest crypto after hitting a new all time high (ATH) on the way. Pepe hit a new high

The meme crypto category saw a marginal surge over the last but the frog themed meme crypto is outdoing them all. PEPE price surged by another 5% in the last 24 hours. However, it has gained more than 1000% in the last 90 days. While, top meme cryptos like Dogecoin (DOGE) and Shiba Inu (SHIB) have managed to gain by 100% and 167%, respectively, in the same time period.

PEPE price is now up by 1000% on the year to date (YTD) metric and aiming to add more gains with the not now stopping rally. The frog themed meme coin is trading at an average price of $0.00001435, at the press time. However, it went to hit the ATH of $0.00001467. Its 24 hour trading volume is down by 31% to stand at $3.04 billion. Its market cap stood at around $5.96 billion.

This suggests that retail investors are driven by Fear of Missing Out (FOMO). They are pouring into the market and providing big opportunities for sharp traders. Recent on-chain data revealed high profits for traders who have capitalized on the surge in retail investment. Investors goes gaga

One early PEPE investor made it to the headlines by depositing 182.9 billion PEPE (approx worth $2.53 million) into a financial account. This investor had acquired 324.9 billion PEPE for a mere $462. This move resulted in a total profit exceeding $3.4 million.

Institutional interest has also intensified. BlockTower Capital, a prominent investment firm, executed a high-profile trade by transferring $2.8 million worth of 202 billion PEPE to Cumberland, a market maker known for facilitating liquidity. This trade coincided with PEPE’s price exceeding the $0.000014 mark, netting BlockTower Capital a profit of $578,000 on a $2.22 million investment over six days.

The recent price surge and increased on-chain activity underscore the high-risk, high-reward nature of meme coins. Derivative data indicates a substantial increase in long positions, with open interest rising by 34.77% to $164.88 million in the past 24 hours.