Pepe (PEPE) Approaching $500 Million Market Cap
Release: 2023/10/31 06:01 Reading: 440
Pepe, a widely known cryptocurrency meme, is experiencing a significant resurgence and is on the verge of reaching a market capitalization of $500 million once again.
The whimsical meme coin is currently changing hands at $0.00000117, according to data provided by CoinGecko.
Pepe's comeback amid Bitcoin's rally
The price of PEPE has seen a remarkable revival, doubling its market capitalization in just a week to approach the half-billion-dollar mark.
The frog-themed memecoin experienced a resurgence, reaching a peak market cap of $1.6 billion in May.
Nevertheless, the enthusiasm decreased and plummeted to a market capitalization of $244 million earlier this month.
Pepe's recent resurgence seems to be driven by a combination of increased trading volume and on-chain activity.
There has been a resurgence in interest in the coin, as evidenced by key indicators showing a growing number of wallets holding Pepe. Additionally, a recent token burn event has bolstered its position and addressed any worries about a possible rogue developer selling tokens in the market.
Other memecoins in spotlight
Pepe's rally, although significant, is not the only one experiencing an increase. Memecoins, as a whole, have been benefiting from Bitcoin's recent surge beyond the $35,000 threshold, which is its highest value in over a year.
Dogecoin (DOGE), for instance, saw a 7.8% increase over the past week, with its market cap nearing a staggering $9.75 billion. Shiba Inu (SHIB) experienced a 10% spike over the same period, boasting a market cap close to $4.68 billion.
Meanwhile, other meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE) have also exhibited impressive growth, with the former rising by 37.4% over the past week.
Approaching meme coins with caution is crucial because their natural instability implies that although they can experience a surge in value due to positive news, any negative events can cause their prices to drop rapidly.
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