Pepe (PEPE), the frog-themed meme cryptocurrency, has displayed an incredible performance since its launch in April 2023. The asset has quickly climbed the charts and is currently the 29th largest crypto project by market cap, with a valuation of $4.39 billion.
The popular meme coin is currently up by an impressive 6.6% in the last 24 hours. The asset is also up 33.7% over the previous month and 1516.3% since October 2023.
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Factors Driving PEPE’s Rally And Future Predictions
Why Is The Meme Coin Rallying?
With Bitcoin (BTC) regaining the $64,000 milestone, the cryptocurrency market may be beginning a recovery phase. This development could explain PEPE’s most recent increase.
One possible reason for the market’s recovery could be the approaching US Presidential Elections. A lot of analysts, including some at Standard Chartered, think that a win by Donald Trump may lead to a rise in the entire market.
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PEPE’s rally could also be due to market participants expecting another 25 basis point interest rate cut from the Federal Reserve in November. Rate cuts usually lead to investors taking on more risks, and meme coins are among the most risky assets.
PEPE Predicted To Hit A New All-Time High
The meme coin is currently down by nearly 39% from its all-time high of $0.00001717, which it attained in May 2024.
According to the analysts at CoinCodex, PEPE will continue to rally over the next few weeks. The platform predicts the asset to hit a new all-time high of $0.00003247 on Nov. 11, 2024. Hitting $0.00003247 from current price levels will translate to a rally of about 211.02%.
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Changelly also paints a similar picture for the frog-themed meme cryptocurrency. The platform predicts PEPE to hit an all-time high of $0.00003330 on Nov. 10, 2024, a rise of nearly 219% from current levels.
