• Pepe coin surges past Litecoin, reaching a market cap of $6.11 billion.
  • The meme token defies expectations, hitting a new all-time high (ATH) of $0.00001467 despite substantial liquidations.

In a surprising turn of events, Pepe Coin, a popular meme token featuring a frog theme, has defied the broader market slump and achieved new heights. Despite facing significant selling pressure in the past 24 hours, the token has managed to propel itself forward, exceeding expectations and reaching new milestones.

Pepe Coin’s Market Cap Makes a Splash

According to data retrieved from CoinMarketCap on May 23rd, Pepe coin has surpassed the $6 billion mark in market capitalization. This impressive feat placed the meme token above the Internet Computer Protocol (ICP) and secured it the 20th position in the global cryptocurrency rankings. At the time of writing, Pepe coin boasts a market cap of $6.11 billion, having briefly touched a high of $6.16 billion earlier in the day. This surge underscores the token’s growing value and mirrors its recent string of record-breaking highs.

New All-Time High Amidst Selling Pressure

Perhaps the most noteworthy aspect of Pepe coin’s performance is its ability to reach a new all-time high (ATH) of $0.00001467, even while encountering substantial liquidations. This resilience has instilled optimism within the market, with investors keeping a close eye on the meme token’s potential for further gains.

Understanding the Data Behind the Rise

Coinglass data reveals that Pepe coin has experienced $8.46 million in liquidations over the past 24 hours, signifying a rise in selling pressure. Interestingly, the token defied this pressure and surged to a new ATH. It’s crucial to note that while the price rose, the derivatives market also saw a jump in open interest (OI) for futures and options contracts by 2.41%. However, the 24-hour derivatives volume witnessed a significant decline of 24.64%. This interplay of factors could be contributing to Pepe’s heightened volatility within the last day.

A Potential Correction on the Horizon?

The token’s Relative Strength Index (RSI) currently sits at 76, placing it firmly within the overbought zone. This technical indicator suggests that a price correction might be imminent for Pepe coin. However, only time will tell if the token can maintain its momentum or experience a pullback in the coming days.

By Alex Wheeler

Alex is a lead writer at AltcoinsAnalysis, bringing the audience all leading developments in the blockchain industry and the latest trends in the cryptocurrency market.