$3,300,000,000: Pepe Meme Coin Market Cap Adds 26% in 24 Hours
Release: 2024/05/03 00:09 Reading: 729
Cover image via U.Today
Despite the sluggish performance of the cryptocurrency market, meme coins on Solana (SOL) and Ethereum (ETH) are recording impressive gains. Pepe (PEPE) capitalization has regained its position above $3.3 billion, while its trading volume has surged past $1.45 billion in equivalent.
PEPE Meme Coin Price Surges by 26%; WIF, BONK Post Double-Digit Gains
Pepe (PEPE), the third-largest meme cryptocurrency, has exhibited the most significant gains among the top 100 cryptos by market cap today. Within 24 hours, the PEPE price has increased by over 26%, while net trading volume in spot and futures pairs has exceeded $1.4 billion. src="/uploads/20240504/171481868866360e80d952e.png">Image by CoinGecko
Other meme cryptocurrencies have also witnessed substantial increases over the past day. Bonk (BONK) has gained over 22%, while Shiba Inu (SHIB) and Dogwifhat (WIF) have added 10.4% and 16%, respectively.
The combined market capitalization of the meme cryptocurrency segment is approaching $50 billion following a 4.9% increase in 24 hours.
As previously reported by U.Today, major meme coins Dogwifhat (WIF) and Pepe (PEPE) were listed on Coinbase in April 2024.
The largest meme cryptocurrency, Dogecoin (DOGE), has gained 10% overnight.
The overall crypto capitalization has only increased by 3.3% and is attempting to maintain its position above the $2.32 trillion mark.
PEPE Surges into Top 10 by Trading Volume, Overtaking XRP
The surge in PEPE's price has resulted in $5.6 million of its futures positions being liquidated, with 71% of the positions being shorts.
Shiba Inu (SHIB), a spin-off on Ethereum (ETH) and Arbitrum (ARB), has also reached its local trading volume peak. PEPE has replaced XRP as the ninth most traded cryptocurrency, with an aggregated volume exceeding $1.45 billion.
While all meme cryptocurrencies were in the red yesterday, today they appear to be spearheading the market recovery with significant gains ranging from 10% to 30%.
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