PEPE, an emerging memecoin in the digital currency sphere, has reached a significant milestone by exceeding Uniswap in terms of market capitalization.
Recent data from CoinGecko shows that PEPE now holds the 23rd spot among cryptocurrencies by market cap, displacing UNI to the 25th spot.
This change indicates the growing influence of memecoins in the wider cryptocurrency landscape.
These developments coincide with PEPE’s ongoing upward trajectory as its market capitalization and price witness substantial growth.
Over the last month, PEPE’s value has increased by more than 100%, and at the start of trading on December 8th, the memecoin hit a new peak of $0.00002716.
Subsequently, it has slightly receded to $0.00002602, marking a 4.3% drop from its highest point.
Despite this decline, PEPE’s performance has outshined that of UNI, which, although experiencing a 98% surge over the past month, dipped by 3.2% in the last 24 hours, bringing its price to $17.69.
UNI remains significantly below its all-time high of $44.92 reached in May 2021, standing 60.6% lower currently.
Market Volatility Exemplified by Liquidations
While PEPE’s price spike has favored certain investors, not all have profited. Coinglass data unveiled that liquidations in the past day totaled $359.99 million across the cryptocurrency market.
Out of this sum, PEPE contributed $11.74 million, with losses predominantly affecting long positions. In particular, $8.19 million from long positions were liquidated, along with $3.54 million from short positions.
This underscores the substantial risks linked with leveraged trading, even amidst positive market trends.
Key indicators suggest that PEPE’s rally may continue. Open Interest, measuring the total outstanding derivative contracts, has risen by 4.22% to $1.19 billion.
Moreover, PEPE’s Open Interest volume has surged by 9.34% to $6.16 billion.
An uptick in Open Interest commonly signifies increased trading activity and investor engagement, signaling ongoing confidence in the token’s growth potential.
However, such uptrends can also hint at potential volatility, as intensified speculative trading may provoke sharp price fluctuations.