Pepe (PEPE) coin has once again made headlines as its market cap doubles and investors begin to shift interest to the token. The trending memecoin known for its dramatic rise has doubled its market cap within a week.
Generally, Bitcoin has led the global crypto market in a bullish ride since this month when its price impressively surged over $35,000 reaching its highest point in over a year.
Following the market growth, the value of PEPE has also increased with its market cap crossing the $500 million mark. PEPE experienced an exponential rise in its market cap after its launch in May 2023, when it reached a peak of $1.6 billion in the same month.
However, interest in the coin began to drop and its market cap slumped to $240 million at the beginning of this month. Nevertheless, it has been able to make a grand recovery as its market cap crosses the half-billion mark.
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Reasons behind the surge
The reason behind the recent spike could be attributed to a combination of a boost in trading volume and on-chain activities as recent data shows that there has been an increase in the number of wallets holding PEPE coins.
In addition, a recent burn event which saw about 6.9 trillion PEPE coins (worth $5.5 million) removed from circulation also contributed to a significant rise in its value and market cap. Following the burn, the price of PEPE rose by an astonishing 31% further increasing investors’ confidence in the asset.
Memecoins season?
Meanwhile, Pepe is not the only memecoin to take center stage. Memecoins in general have taken advantage of Bitcoin and the general crypto market surge. Notably, tokens like Dogecoin, Shiba Inu, and FLOKI also witnessed significant growth in their value.
Dogecoin (DOGE), the leading memecoin saw its market cap reach $9.80 billion with its price growing by 7.8% over the last week. Similarly, in the same period, Shiba Inu (SHIB) witnessed a 10% rise in its value with its market cap reaching $4.7 billion.
FLOKI, the 4th largest memecoin by market cap was not left out as its price spiked more than 37% over the last week.
While memecoins could be attractive because of their dramatic rise in value over a short time, it is important to approach them with caution because they are known to be highly volatile assets.
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PEPE price today
According to live data from Coinstats, the price of PEPE coin today is $0.00000118. This represents a 5.67% rise in the last 24 hours. What’s more, PEPE is currently the third largest memecoin in the market with a live market cap of $498,337,784 ($498 million). Finally, PEPE is ranked #74 on the global crypto market chart with a 24-hour trading volume of $135,782,940 ($135.7 million).
Read more:
- PEPE Leads the Memecoin Rally with a 17% Price Surge
- XRP Price Analysis: Key XRP Developments to Know Before Bull Run
- PEPE Memecoin: The new king of the memes?
- PEPE Experiences a Surge in Trading Volume
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.