Pepe memecoin flips Uniswap token in market cap, hits all-time high
Release: 2024/12/08 05:59 Reading: 445
Pepe Overtakes Uniswap as Top Cryptocurrency
On December 7th, the popular memecoin Pepe (PEPE) surged past Uniswap's token (UNI) in terms of market capitalization. Currently, the frog-themed memecoin boasts a market cap of over $11 billion, eclipsing UNI's approximately $10.6 billion and reaching a new record high.
According to CoinMarketCap data, Pepe has experienced remarkable growth, gaining approximately 16.8% within the past 24 hours and roughly 26% over the past week.
At the start of 2024, Pepe's market cap stood at approximately $591 million. The memecoin briefly surpassed a market cap of $11 billion on December 5th and has since maintained that level. This represents an impressive growth of nearly 18x since the beginning of the year.
Launched in 2023, Pepe rode the wave of success sparked by other memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB). Despite its self-proclaimed "no intrinsic value," the memecoin has become a favorite among traders.
Pepe's Meteoric Rise to the Top
Pepe pays homage to the cartoon frog created by comic book artist Matt Furie in 2005. However, the project has no official connection to Furie or the original "Boys Club" series.
Since its release in 2023, Pepe has emerged as a formidable competitor to established memecoins like DOGE. It has experienced remarkable gains of over 7,000% since its inception.
In September 2024, Pepe embarked on a significant rally, rebounding from months of price stagnation. The memecoin surged 30% in a single week during the last week of September 2024. However, its gains were eroded by a brief retracement in early November 2024.
Price consolidation continued into October, but Pepe's historic rally commenced in November, propelling it to its previous all-time high before reaching its current record peak.
The popularity of Pepe among speculators and investors led to its listing on Binance.US on December 5th, showcasing the ongoing significance of memecoins in the cryptocurrency market.
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