PEPE Emerges as the Leading Gainer with a Whopping 70% Surge in Meme Coin Frenzy
The meme coin market continues to experience an upward trend, with Pepe (PEPE) leading the charge. In the past 24 hours, Pepe has seen a massive 70% increase, making it the top gainer among the top 100 crypto assets.
Over the weekend, meme coins saw substantial surges as the altcoin season gained momentum. Pepe, along with Shiba Inu (SHIB), Bonk (BONK), dogwifhat (WIF), and Floki (FLOKI), dominated the list of top gainers, securing spots in the top five.
However, this upward trend faced some obstacles, resulting in mild corrections for some assets. For example, Shiba Inu experienced a slight 0.31% drop yesterday, while Bonk suffered a 1.87% decline on March 2.
Despite these roadblocks, PEPE has shown remarkable resilience since recovering from a 13.84% decline on Feb. 29. The meme coin has now seen three consecutive days of significant gains and is poised for a fourth green day.
In the past 24 hours, PEPE has surged by 70%, riding the wave of meme coin mania this week. This places it at the top of the list of biggest gainers and also secures its position as the top gainer over the past week, with a 411% gain.
Pepe has taken advantage of the recent surge to break through multiple resistance levels, ranging from $0.000003 to $0.000006. The latest psychological resistance level to be broken was $0.000007. Currently, the meme coin is trading at $0.00000718 and aims to leverage the volatility in the market to push above $0.00000760.
While PEPE has benefited the most from the market uptrend, other meme coins have also capitalized on the rally. According to market analytics platform Santiment, trading volumes for these meme coins have skyrocketed by 3,000% in the past week. Traders are showing great interest in FLOKI, SHIB, PEPE, and BONK, hoping to ride the wave of these rallies. This increased trading activity has added to the buying pressure and contributed to the overall uptrend.
Data from CoinMarketCap shows that the broader meme coin market now has a trading volume of $16.78 billion, marking a 29% increase in the past 24 hours. Additionally, due to the price appreciation across the board, the global meme coin market cap has reached $51.75 billion.
It is worth noting that Dogecoin (DOGE) accounts for 46.7% of this market cap, with a valuation of $24.2 billion. Shiba Inu, the second-largest meme coin, holds 31% of the global meme coin market cap, with a valuation of $16 billion.
