Pepe memecoin soars 100%, tops $1b market cap amid crypto market rally
Release: 2024/02/28 15:49 Reading: 234
Pepe, a popular memecoin, has experienced a remarkable surge of 100% in the last two days, reaching a 10-month peak on Feb. 27.
The coin was trading at $0.0000028, up 30% in the last 24 hours, and even peaked at $0.0000029 before retreating back to 0.00002766, according to CoinMarketCap.
The latest surge has elevated Pepe to surpass Bonk (BONK), positioning it as the third-largest meme coin by market capitalization, now exceeding $1 billion. Additionally, its trading volume surged by 80% to $1.39 billion in the same period.
This remarkable performance aligns with a broader rally in meme coins, often viewed as speculative bets on blockchain ecosystems’ growth. Such tokens have collectively achieved an average gain of 6.6% in the past 24 hours, reflecting a growing interest across various networks.
The rally has notably impacted short positions, with Coinglass reporting approximately $4.04 million in shorts liquidated within this timeframe.
The resurgence of meme coins like Pepe coincides with the overall crypto market’s recovery, significantly influenced by Bitcoin’s recent rally to surpass the $57,000 mark, a level not seen since November 2021. This momentum has not only benefited Pepe but has also sparked renewed enthusiasm across the meme coin sector, with tokens such as Floki Inu (FLOKI) and Dogwifhat (WIF) witnessing over 30% gains, and Dogwifhat specifically surging nearly 60% before its own retracement.
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The Open Interest-Weighted Funding Rate for Pepe has also seen a notable increase, indicating a bullish sentiment among traders. The rate jumped from 0.0169% to 0.12%, though it has since adjusted to 0.1014%. This movement suggests traders’ increasing willingness to pay for holding long positions, anticipating further price rises.
On-chain metrics reveal a resurgence in the token’s popularity, with the count of Pepe holders growing from 155,735 to over 157,600 in just three days. The growth is partly attributed to significant buying activities by large accounts, as well as the token’s recent addition to platforms like Robinhood Crypto in select EU jurisdictions. Binance’s promotion of Pepe, featuring a 700,000 PEPE giveaway, has further fueled interest.
The rally extends beyond Pepe, with other memecoins like GROK and LADYS also recording gains of 22% and 19.9% over the past day.
During the same timeframe, the pioneering memecoin DOGE recorded an approximate 12% increase, with SHIB and BONK closely trailing with gains of around 10% each. This trend is underpinned by a surge in retail interest in cryptocurrencies, evidenced by a 200% increase in crypto-related Google searches.
The entry of institutional money, highlighted by the launch of spot Bitcoin ETFs by traditional finance giants such as BlackRock, has also played a crucial role in revitalizing the crypto market. The success of these ETFs, particularly the Newborn Nine, signals a shifting perspective toward cryptocurrency investments among institutional investors.
Memecoins, often seen as lacking inherent value, have gained traction as speculative investments in their respective ecosystems. Organizations like the Avalanche Foundation, which oversees the Avalanche blockchain, have begun supporting meme tokens on their network, acknowledging the cultural and memetic appeal they hold for investors.
Read more: BlackRock spot Bitcoin ETF enters top 5 US ETPs by capital inflow
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