Pepe’s price hits new all-time high: Here’s why it’s on the rise

The price of Pepe reached 0.0000142 ATH, which shows its resilience and popularity of the market. Among the factors that fueled the pep rally was the rise of Ethereum and the altcoin boom. Although early investors reaped profits, the bullishness fueled by whale activity remains.

Remarkably, the price of Pepe rose to a new all-time high, reaching about $0.0000142.

This increase is a major milestone for the frog-themed meme coin, as it solidifies its position as one of the top performers in the crypto market.

In particular, the current bullish pace in the price of Pepe comes after an internal challenge among developers, which represents a dramatic change for the cryptocurrency.

Despite a rocky start, Pepe has gained momentum in recent times, with a market capitalization of more than $5.77 billion.

What is behind the current Pepe price hike?

The altcoin market, including Pepe, has benefited from a shift in investor sentiment characterized by capital flowing from Bitcoin to alternative assets.

This cash flow has fueled a sustained altcoin recovery, with Pepe prominently featured in this resurgence.

Pepe's adoption and liquidity played an important role in the price increase. With close to $60 million in deep liquidation in Wet Ether (WETH) and over 223,000 holders facilitating nearly 2 million transfers, Pepe has shown strong activity on-chain.

But, amid the euphoria surrounding Pepe's price hike, there are also signs of caution. On-chain data analysts like Lookonchain have pointed to examples of early PEPE investors taking profits.

However, despite these concerns, bullish sentiment remains strong, with whale buying in the Pepe ecosystem elevated, adding to expectations of a fresh bull run in the coming weeks.

In addition, the approval of Spot Ether ETFs by the US Securities and Exchange Commission (SEC) could provide further incentives for Pepin's upward trajectory. The current price increase of Pepe seems to closely mirror that of Ethereum (ETH).

Pepe followed this up by showing the interlinking of various cryptocurrencies within the broader market ecosystem.