Pepe Coin, a popular meme token featuring a frog theme, has once again defied the broader market’s expectations. Despite facing significant liquidations in the past 24 hours, the token has surged to new heights, marking a remarkable milestone in its cryptographic journey. This achievement has fueled optimism for the token’s future.

Market Cap Hits $6 Billion

According to the latest data from CoinMarketCap, Pepe Coin has surged past the $6 billion market cap, surpassing the Internet Computer Protocol to secure the 20th position as of May 23. In a close race with Litecoin, the frog-themed meme token boasted a market cap of $6.11 billion at the time of writing, peaking at $6.16 billion earlier today. This surge underscores the meme coin’s growing value and influence in the cryptocurrency market.

PEPE’s Price Reaches New Heights

Pepe Coin has also seen significant price gains. Despite encountering substantial selling pressure and massive liquidations, PEPE’s price rallied to hit a new all-time high (ATH) of $0.00001467. As of now, PEPE’s price has increased by 5.02% in the past 24 hours, currently sitting at $0.00001444. Initially starting the day in the red, the token quickly spiked to unprecedented levels, showcasing its resilience and potential for future growth.

Liquidations and Market Activity

Coinglass data indicates that $8.46 million in PEPE liquidations were recorded in the past 24 hours, highlighting significant selling pressure. Despite this, the token managed to hit a new ATH, indicating strong market support. Additionally, the futures and options open interest jumped 2.41%, while the 24-hour derivatives volume plunged by 24.64%, potentially contributing to PEPE’s 24-hour volatility. The Relative Strength Index (RSI) entered an overbought region, hovering at 76, suggesting that a correction might be due soon.

Pepe Coin’s recent surge and milestone achievement demonstrate its resilience and potential in the volatile cryptocurrency market. Despite massive liquidations, the token has managed to reach new heights, captivating the attention of investors and crypto enthusiasts alike. As PEPE continues to defy market expectations, its future looks promising, albeit with potential corrections on the horizon.