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PEPE Skyrockets 16% in Hours; Here Are Two Reasons
PEPE, a frog-themed cryptocurrency, has seen a remarkable surge in recent hours. According to data from CoinGecko, the asset is up an astonishing 10% weekly as of this writing. This upward momentum started with PEPE’s price increasing from lows of $0.0000174 on December 30th to intraday highs of $0.0000214 during today’s trading session.
As of now, PEPE has already reached a significant milestone by surging 1,467% yearly, achieving an all-time high of $0.00002825 on December 9th. Despite being down 26.41% from this peak, the cryptocurrency is still making headlines with its impressive growth.
So, what could be driving PEPE’s explosive price action? Let’s take a closer look at two potential factors that might be contributing to this surge:
1. **Market sentiment and risk appetite:** The cryptocurrency market has been on an upward trajectory over the past few months, with many altcoins following the same trend. As investors continue to seek higher returns, they may be looking for alternative assets that can provide even greater gains. PEPE’s impressive 16% daily increase could be a response to this increased risk appetite and investor demand.
2. **Potential institutional investment:** With institutional investors starting to take notice of meme coins like PEPE, it is possible that their involvement in the market may have sparked the recent surge. As we continue to see more mainstream adoption of cryptocurrencies, it’s likely that institutions will seek out assets with strong potential for growth and liquidity.
It is essential to note that investing in the cryptocurrency market carries inherent risks, and investors should always conduct thorough research before making any decisions.
Source: u.today
