Pepe’s value skyrockets with an impressive 250% surge this week
Pepe Coin (PEPE) has experienced an impressive surge of over 250% this week, showcasing a strong bullish momentum in the global cryptocurrency market. Other meme coins like Bonk (BONK) have also seen double-digit gains during this period. Pepe Coin has stood out amidst the crypto market frenzy, following closely behind meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE). Despite initial expectations of diminishing value, PEPE has taken on a diverse trajectory, transforming into a billion-dollar asset during speculated trend reversals.
In February, Pepe Coin’s journey displayed a consistent upward trajectory, culminating in a 255% rally over the week, with the meme coin’s price reaching $0.0000041. Analyzing the weekly and daily chart patterns, the sustained growth suggests the potential for further upward movement. During this surge, six prominent wallets engaged in substantial PEPE trades, involving approximately 2 trillion coins. The total transactions amounted to $4.37 million, resulting in profits close to $2 million for the traders. This significant market activity highlights the increased interest in PEPE.
However, the resurgence of PEPE brings past controversies back into focus. In January, the PEPE token team addressed a series of suspicious wallet transactions, distancing themselves from “nefarious” former team members. The swift denial and clarification that these activities are not linked to the current team indicate a complex backstory involving rogue developers. Adding to the intrigue, suspicions of former team involvement trace back to an incident in August 2023, where rogue developers misappropriated 16 trillion PEPE coins, valued at nearly $16 million. Despite these challenges, PEPE has been nominated for ‘Memecoin of the Year,’ recognizing its impact on the crypto community and cultural zeitgeist.
Currently, Pepe Coin is priced at $0.054174, representing a 15.14% increase in the last 24 hours and a 255% increase in the past week, according to data available on CoinGecko. With a circulating supply of 420 trillion PEPE, its market cap stands at $1.77 billion. The rapid rise of PEPE since its public launch in April 2023 is remarkable, as it surpassed the $1 billion market cap milestone in just three weeks after going live. Powered by the Ethereum (ETH) blockchain, Pepe Coin is a popular meme coin known for its extreme volatility. Despite the official statement claiming no intrinsic value or expectation of financial return, over a hundred thousand investors have engaged with PEPE on major crypto exchanges.
Pepe Coin’s original design incorporated a deflationary mechanism, burning a small percentage of tokens with each transaction to create scarcity. Additionally, a redistribution system allocated portions of transactions to existing token holders, fostering user engagement and encouraging long-term investments.
Alongside Pepe’s surge, other meme coins have also seen significant gains. Dogecoin (DOGE) has surged by 61% in the past seven days, while Bonk has witnessed an impressive 102.10% increase. The overall crypto market cap has reached $2.4 trillion, indicating a period of “extreme greed” among investors, driven by Bitcoin’s dominance and the introduction of Bitcoin ETFs. Notably, major financial institutions such as Merrill Lynch and Wells Fargo have entered the Bitcoin ETF arena, increasing mainstream acceptance. This move, coupled with the possibility of new offerings, contributes to a bullish trend in the crypto market.
