Pepe (PEPE) Analysis: PEPE Overtakes Uniswap with $10.24B Market Cap

Pepe [PEPE], a rapidly growing memecoin, has achieved a notable milestone by overtaking Uniswap [UNI] in market capitalization. 

According to CoinGecko, PEPE is now the 23rd largest crypto by market cap, while UNI has dropped to 25th place. This development reflects the increasing prominence of memecoins in the crypto market.

PEPE achieves new ATH

PEPE’s market cap and price have been on an upward trend, fueled by a surge in investor interest. On December 8, 2024, PEPE reached a new all-time high of $0.00002803, marking a significant increase in value. 

Over the past month, PEPE’s price has risen by over 100%, demonstrating its strong performance during this period.

At the time of writing, PEPE traded at $0.00002437, reflecting a 6.36% decline in the last 24 hours. Despite this, the token remains 18.32% higher over the past week. 

Source: TradingView

PEPE has maintained high trading activity, with a 24-hour trading volume of $13.5 billion, indicating strong demand.

The token’s price has traded within a 24-hour range of $0.00002246 to $0.00002803, with its current price approximately 13.14% below its ATH. The circulating supply of 420 trillion tokens gives PEPE a total market capitalization of $10.24 billion.

Trader Turns $3K Into $73M Through PEPE

A trader who invested approximately $3,000 in PEPE in April 2023 has reportedly turned it into $73 million. According to Lookonchain, the trader purchased 4.91 trillion PEPE and gradually sold portions of their holdings over time. So far, they have cashed out 3.03 trillion tokens for $27.5 million in profit.

Turning $3K into $73M, a 24,656x return, what a legend!

Before the market plummeted, $PEPE broke through $0.000028, setting a new #ATH!

This legendary trader sold another 100B $PEPE($2.8M) for profit.

This trader invested ~$3K to buy 4.91T $PEPE on Apr 15, 2023.

Over time, he… pic.twitter.com/Z46fT8dbiY

— Lookonchain (@lookonchain) December 10, 2024

This individual continues to hold 1.88 trillion PEPE, currently valued at $45.66 million. Their strategy, which involved steady profit-taking during PEPE’s upward price trend, underscores the token’s rise in the market. 

Before the market corrected, the trader sold 100 billion PEPE for $2.8 million when the token reached its all-time high.

On-Chain Activity and Whale Influence

According to on-chain data, 97% of PEPE holders are currently in profit, showcasing widespread gains among investors. Whale activity remains a key driver of PEPE’s market dynamics, with 71% of the total supply concentrated among large holders. 

This concentration highlights the influence of major wallets on the token’s price movement.

Transaction activity has also been significant, with over $2.77 billion in trades exceeding $100,000 over the past seven days. 

Source: IntoTheBlock

A 0.61 price correlation with Bitcoin (BTC) indicates moderate alignment with the broader cryptocurrency market trends, though PEPE’s price movements appear driven more by its memecoin appeal.

Additionally, the majority of PEPE holders are mid-term investors, with 52% holding the token for 1–12 months. This signals increasing confidence among investors, particularly as PEPE continues to attract attention.

Derivatives Market Sees Volatility

Data from Coinglass indicates heightened activity in PEPE’s derivatives market. Trading volume surged by 65.33% to $4.55 billion, reflecting increased market interest. 

However, open interest dropped 21.86% to $288.18 million, suggesting traders are closing active positions amidst price volatility.

Source: Coinglass

The long/short ratios show mixed sentiment across exchanges. On Binance, the ratio stands at 0.9183, slightly favoring shorts, while on OKX, it is 2.76, indicating a bullish stance. Liquidation data reveals sharp volatility, with $217,000 liquidated in the past hour, primarily from short positions. 

Over the past 12 hours, $17.52 million in liquidations occurred, with long positions accounting for $12.7 million of the total.

The surge in PEPE’s market cap has pushed it ahead of established cryptocurrencies like Uniswap [UNI]. 

FAQs:

What is the current market position of Pepe (PEPE) compared to Uniswap (UNI)?

Pepe (PEPE) is now ranked as the 23rd largest cryptocurrency by market capitalization, surpassing Uniswap (UNI), which is ranked 25th.

What is the all-time high (ATH) price of PEPE, and how does it compare to the current price?

PEPE’s ATH is $0.00002803, achieved on December 8, 2024. The current price is approximately 13.14% below this level at $0.00002437.

How much trading activity has PEPE experienced recently?

PEPE has a 24-hour trading volume of $13.5 billion, reflecting strong demand and heightened market interest.