Pepe (PEPE) Price Hits New All-time High After Flipping Polygon (MATIC) in Market Cap

Pepe (PEPE) Price Hits New All-Time High After Surpassing Polygon (MATIC) in Market Cap

Amidst the ongoing crypto market rotation, where Bitcoin (BTC) faces resistance at $72,000, the frog-themed meme coin Pepe (PEPE) has emerged as a formidable winner. As of Monday's early London session, Pepe's price hovered around $0.0000168, a surge of over 11 percent within the past 24 hours, according to reliable crypto oracles.

Following an 81 percent spike last week, Pepe has officially joined the top 20 most valuable digital assets. This places it ahead of Polygon (MATIC), Litecoin (LTC), and Fetch.ai (FET), among others. If Pepe's bullish momentum persists, it could pose a threat to Shibarmy's dominance.

Reasons for Pepe's Price Surge

The approval of spot Ether ETFs in the United States has ignited bullish sentiment for the altcoin industry. Leading web3 projects on the Ethereum network, including Uniswap (UNI), Arbitrum (ARB), and Pepe, have witnessed a significant increase in daily trading volume.

Moreover, the ETH/BTC pair has rebounded from its recent lows and is poised to retest its all-time high. Bitcoin dominance is also exhibiting a macro reversal pattern, indicating the potential for a major altseason.

Midterm Price Target

Pepe's recent bullish rally has maintained its Relative Strength Index (RSI) above 70, suggesting a strong trend. From a technical perspective, Pepe's price against the US dollar is likely to rise by 20 percent in the near term, reaching $0.000020, which aligns with the 1.618 weekly Fibonacci Extension.