PEPE, a memecoin making waves in the crypto sphere, has achieved a significant feat by surpassing Uniswap in terms of market capitalization.
According to statistics from CoinGecko, PEPE now stands as the 23rd largest cryptocurrency by market cap, displacing UNI to the 25th spot.
This shift underscores the growing influence of memecoins in the wider cryptocurrency market.
The rise in PEPE’s market cap and price points towards a notable uptrend in the currency.
Over the last month, the value of PEPE has soared by more than 100%, culminating in a record high of $0.00002716 at the start of trading on December 8th.
Subsequently, the coin dipped slightly to $0.00002602, marking a 4.3% decrease from its peak.
Despite the decline, PEPE’s performance has overshadowed UNI, which, although experiencing a 98% increase in the past month, suffered a 3.2% drop in the last 24 hours, bringing its price to $17.69.
UNI remains a significant 60.6% lower than its all-time high of $44.92 achieved in May 2021.
Market Volatility Evident in Liquidations
While PEPE’s price surge has been profitable for some investors, it has resulted in liquidations across the crypto market. Coinglass data indicates liquidations amounting to $359.99 million in the past day.
Out of this figure, PEPE contributed $11.74 million, primarily affecting long positions. Specifically, $8.19 million in long positions were liquidated, along with $3.54 million in short positions.
This underlines the substantial risks involved in leveraged trading, even during bullish periods.
Key metrics suggest that PEPE’s rally may sustain its momentum. Open Interest, a measure of outstanding derivative contracts, has risen by 4.22% to hit $1.19 billion.
Furthermore, PEPE’s Open Interest volume has surged by 9.34%, reaching $6.16 billion.
Increased Open Interest often signals heightened trading activity and investor enthusiasm, indicating a belief in the token’s growth potential.
However, such upticks can also hint at potential volatility, as elevated speculative trading might lead to sharp price fluctuations.