Pepe dominates meme coin market after impressive 11 increase
Pepe (PEPE), the beloved frog-themed meme coin, has surpassed many other popular memecoins with an impressive 11% surge in the past day.
As of now, PEPE is trading at $0.0000129, with a trading volume of $1.27 billion in the last 24 hours. The memecoin has shown a remarkable 50% increase over the previous seven days and an astounding 1372% surge over the past year.
The market cap of PEPE has also seen a rise of 9%, currently standing at $5.43 billion. Despite this growth, the token is still 23% lower than its all-time high of $0.0000167, which was reached on May 28, 2024.
Interestingly, PEPE had been declining along with the broader cryptocurrency market until recently, as evidenced by the token’s 11% decrease in the last week according to data from CoinMarketCap.
The latest upturn in price comes after a significant purchase by a whale, sparking speculation of a potential PEPE rally. A post on June 11 by on-chain analytics platform Scopescan revealed that a whale had withdrawn 256 billion PEPE coins valued at $2.9 million from the crypto exchange Bybit. This follows a previous deposit of 200 billion PEPE coins worth about $2.8 million by the same whale in May.
This recent withdrawal indicates renewed interest in the memecoin, as the whale now holds over 291 billion coins valued at approximately $3.5 million. The acquisition of such a large amount of PEPE by the whale has likely boosted confidence in the asset’s future, prompting retail investors to reconsider their positions.
Another factor contributing to the recent surge in PEPE’s price could be the potential listing of the asset on the top crypto exchange Coinbase. The exchange had previously caused a price spike in PEPE when it introduced a perpetual futures market for the token on April 18.
In terms of other major memecoins, Pepe continues to dominate the market, surpassing competitors like Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF). Of these, only WIF, Bonk (BONK), and Book of Meme (BOME) showed any gains in the last 24 hours.
WIF saw a modest increase of 1%, while BOME managed a slight 0.60% rise. BONK performed even better, with an 8.5% increase to reach $0.000028 at the time of writing.
As the global cryptocurrency market continues to face a 0.67% downturn, resulting in a market cap of $2.45 trillion, Bitcoin, the leading cryptocurrency, is also experiencing a 0.65% decrease in the last 24 hours, currently trading at $67,338.
In the midst of these fluctuations, the crypto world remains captivated by the news of a Solana memecoin developer setting themselves on fire, raising questions of whether it was a bold marketing move or a display of madness.
