PEPE Hits New All-Time High: Will Attractive Profits Lead to a Decline?

Continuing its meme currency dominance, PEPE reaches another record high in 2024 as profit-taking becomes a concern for investors. With a market cap of $10 billion officially surpassing Litecoin, 38% of investors are in profit. This may imply an upcoming correction for the rising currency. However, its performance in November and early December was nothing surprising. The cryptocurrency reached a record level of $0.00002754 on Monday with an overwhelming optimistic sentiment. Furthermore, it remains close to that price, signaling that it may be poised to find a solid ground near the highest level of the year. PEPE Continues to Win When Profit Remains the Sole Threat This is definitely a memorable year for the cryptocurrency field. Since November, the entire market has surged. Specifically, Bitcoin has dominated the attention of investors, reaching a six-figure price for the first time in history. However, that performance has only pushed the rest of this field higher. Among the best-performing currencies along with the leading currency in the industry is PEPE, as this meme coin has reached an all-time high this year with profits seemingly emerging as its sole real threat. Indeed, there is an increasing fear that profit-taking demand could threaten its continuous price increase.

In the past 30 days, this token has increased by more than 148%, according to CoinMarketCap. Furthermore, it has risen by more than 30.7% in the past seven days and is currently trading at $0.00002655. With a market capitalization still increasing by 7.64%, this still seems strong for the emerging meme currency. Although investor withdrawals are a concern, data suggests that may not be the case. IntoTheBlock's data shows that the Chaikin Money Flow (CMF) has surged in the past week. Furthermore, this comes after three weeks of inactivity. Currently, the CMF is in neutral territory, indicating strong buying demand. CMF data also indicates that investors have confidence in Pepe's performance. This could pave the way for increased influx of funds, which will then limit any profit-taking measures. Ultimately, it can only ensure that the token price continues to rise. Currently, the asset needs to be maintained above the support level of $0.0002334. With recent performance, it is expected to do so. DYOR! #Write2Win #Write&Earn $PEPE {spot}(PEPEUSDT)