Will Enticing Profits Drive a Fall?

Continuing what has been a dominant year for the meme coin, PEPE has yet another all-time high in 2024 as profit-taking has emerged as a worry among investors. Indeed, with a market cap officially hitting $10 billion and surpassing Litecoin, 38% of investors are in profit. That could mean a correction is incoming for the surging token.

Still, its performance in November and early December has been nothing short of incredible. The crypto reached a record $0.00002754 Monday with bullish sentiment abounding. Moreover, it has remained near that price point, signaling that it could be set to find a solid foundation near a yearly high.

JUST IN: $PEPE surpasses a $10 billion market cap.

— Watcher.Guru (@WatcherGuru) December 7, 2024

Also Read: How High Can PEPE Go In December 2024?

PEPE Keeps Winning as Profits Remain Its Only Threat

It has certainly been a year to remember for the cryptocurrency sector. Since November, the entire market has been surging. Specifically, Bitcoin has been dominating investors’ interest, increasing to a six-figure price for the first time in its history. Yet, that performance has only pushed the rest of the sector higher.

Among the best performing alongside the industry leader is PEPE, as the meme coin has reached yet another all-time high this year with profits seemingly emerging as its only real threat. Indeed, there is a growing fear that the urge for profit-taking could threaten its continued price increase.

Also Read: PEPE Continues 140% Surge as It Looks to Target $0.0001

Over the last 30 days, the token is up more than 148%, according to CoinMarketCap. Moreover, it has increased more than 30.7% in the last seven days and is currently trading at $0.00002655. With its market cap still up more than 7.64%, this still looks strong for the emerging meme coin.

Although investors cashing out is a worry, data shows it may not manifest. IntoTheBlock data shows that the Chaikin Money Flow (CMF) has exploded over the last week. Moreover, that comes after three weeks of a lack of activity. Currently, CMF is over the neutral line, showing that buying interest is still strong.

The CMF data also indicates that investors are confident in Pepe’s performance. This could make way for increased inflows, which would then curtail any profit-taking measures. Ultimately, it could only ensure that the token keeps going up in price. Currently, the asset needs to remain above the $0.0002334 support. With its recent performance, it is expected to do so.