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

The price of frog-themed Pepe Coin has surged to a new all-time high in the last 24 hours. Compared to the overall performance of the crypto market, Pepe Coin ( PEPE ) outshone a majority of the altcoins as well as the top meme coins. The third-largest meme coin has seen its price spike to a new all-time high of $0.00002678. The price of Pepe was also up by over 20% in the last seven days and over 130% in the last 30 days. Source: CoinGecko But what is the reason for the sudden price pump? Let us look at some of the possible reasons. You might also like: Baby Doge Coin surges over 75% following Elon Musk’s cryptic tweet PEPE hits $10 billion market cap Pepe has also breached the $11 billion market cap. One of the possible reasons for this surge is Ethereum’s ( ETH ) recent price performance. ETH had reclaimed the $4,000 level on Dec 6, a level that was seen in March. This breach of the crucial $4,000 milestone has aided the Ethereum ecosystem tokens, including Pepe. Moreover, the open interest of PEPE has a new high of $356.79 million as per Coinglass data . This metric has seen a 30% hike in the last 24 hours. Source: IntoTheBlock As per IntoTheBlock data , 98% of Pepe holders are now making money at the current price, with 0% of the holders in losses. About 25% of the holders have held Pepe for over a year and 53% have held it for a period of one to 12 months. Other Ethereum-based meme coins like Shiba Inu ( SHIB ) have also seen a modest gain of close to 3%. Before you go, check out our recent podcast (linked below) with Pepe developer Brian Fanzo . You might also like: MicroStrategy hits $40b in Bitcoin, critics question Saylor’s strategy

Source: crypto.news