Despite facing significant selling pressure, Pepe coin has achieved a remarkable feat, surging to unprecedented levels and solidifying its position in the cryptocurrency market. The token's value has continued to rise, sparking optimism among investors.

Pepe coin, a popular digital asset featuring a frog theme, has been making waves in the cryptocurrency world. Despite encountering substantial liquidations in the past 24 hours, the token has persevered, marking new milestones in its journey.

Let's delve deeper into the remarkable achievement scaled by Pepe Coin today, which has fueled optimism for the token's future endeavors.

Market Value Soars

According to the latest data from CoinMarketCap, Pepe coin has surpassed the $6 billion market value, overtaking the Internet Computer Protocol to secure the 20th position. In a closely contested race with Litecoin, the frog-themed meme token boasted a market value of $6.11 billion, with its value peaking at $6.16 billion earlier today.

This phenomenon highlights the meme coin's growing value, mirroring its recent record-breaking highs. Notably, PEPE again hit a new record high of $0.00001467 today, defying broader market expectations.

Despite encountering substantial selling pressure with massive liquidations, the token hit a new record high. This has additionally garnered market optimism on the meme crypto, with investors continuing to closely watch it for future gains.

PEPE's Price Gains Momentum

As of writing, PEPE's price showed gains of 5.02% in the past 24 hours and currently sits at $0.00001444. Although PEPE started the day on a bearish note, trading in the red, the token soon spiked to unprecedented levels.

Coinglass data illustrated $8.46 million recorded in PEPE liquidations in the past 24 hours, underlining increased selling pressure. It's worth noting that despite the significant amount of liquidations, the token hit a new record high.

Meanwhile, the futures and options open interest jumped 2.41%, followed by a 24-hour derivatives volume plunge of 24.64%. This could be further driving PEPE's 24-hour volatility.

Additionally, the Relative Strength Index (RSI) entered an overbought region, hovering at 76, hinting that the token may be due for a correction ahead.