2024

Foundation

Polygon

Avalanche

The most trendiest meme crypto of the year 2024 till now, PEPE is moving ahead to dislodge Polygon (MATIC). PEPE has surged to fame by flipping several well established cryptos and MATIC could be the next one. PEPE is up by 1200% on YTD 
PEPE’s 1200% surge over the last year has proven to be the biggest difference. The rise of PEPE is part of a broader trend where Ethereum ecosystem tokens have reached record highs. It is also driven by the recent approval of key Ether (ETH) <a href="https://news.todayq.com/ethereum-etfs-heating-up-is-5000-within-reach-for-eth/" rel="noopener noreferrer nofollow">exchange-traded fund</a> (ETF) filings in the US. This regulatory move has pushed interest in meme tokens as it offers traders exposure to the main asset through related networks or protocols.
PEPE price had jumped by more than 81% in the last 7 days while MATIC recorded a jump of a minor 7% in the same time. PEPE is trading at an average price of $0.0000167, at the press time. It is holding a market cap of $7.05 Billion. On the other hand, Polygon (MATIC) is down by 24% on the YTD and holding a market cap of $7.25 billion. The margin is closing in now.
MATIC is trading at an average price of $0.72, at the press time. Its 24 hour trading volume is up by 32% to stand at $229 million. What does future market says? 
Futures data indicates a spike in open interest for PEPE and MOG, suggesting an influx of new money into the market. PEPE’s open interest (OI) has risen to $720 million from last week’s $550 million, while MOG’s open interest increased to $8.3 million from $5 million.&nbsp;
This rise in OI is typically a sign of increased market activity and potential future price volatility. However, the long-to-short ratio for PEPE is currently skewed in favor of bears at 54%. It indicates that many traders are betting against further price increases.
PEPE’s ascent into the top 20 largest tokens by market capitalization has netted high profits for early investors. Some of whom turned an initial purchase of $460 into millions.
Meme tokens, often considered to have little intrinsic value but strong community followings, have gained traction as beta bets on their respective ecosystems. For instance, Solana-based meme tokens saw a surge from December to March, coinciding with a rise in the network’s SOL tokens.&nbsp;
Similarly, the Avalanche Foundation announced investments in meme tokens to capitalize on their memetic value and cultural impact among investors.

PEPE’s meteoric rise could overtake Polygon (MATIC) next

Todayq News

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