$PEPE Reaches A New ATH, Up By 22% Today
Release: 2024/05/22 18:29 Reading: 354
Key Points
Pepe (PEPE) has surged by 22% today, as reported by CoinMarketCap.
Market Performance
Pepe (PEPE) has experienced a significant surge of 22% after reaching a new all-time high (ATH) earlier today, according to CoinMarketCap. Its total market capitalization now exceeds $5.75 billion.
Industry Ranking
PEPE has ascended to the position of the third-largest meme coin, trailing only Dogecoin (DOGE) with a market cap of over $24 billion and Shiba Inu (SHIB) with a market cap of over $15 billion, as per CoinMarketCap.
Market Momentum
The recent rally in PEPE is attributed to the resurgence of the meme coin season, which was reignited by the GameStop saga.
Notable Trade
Last week, an astute trader realized a remarkable $46 million profit from PEPE, representing a 15,718-fold return on their initial $3,000 investment. The trader purchased 4.9 trillion PEPE for $3,000 on April 15 and subsequently sold 1.41 trillion PEPE for $7.4 million, as per a post on X from Lookonchain on May 15.
Expert Commentary
Hao Yang, head of financial products at Bybit exchange, has compared the success of meme coins to punk rock, noting that they reflect the disillusionment of young investors "who have seen the opportunities afforded to their parents disappear."
Connection to GameStop
PEPE's current rally may be linked to the renewed interest in GameStop stock. GameStop's stock price (GME) began to rise again on May 13 after Keith Gill, also known as Roaring Kitty on X, made an unexpected return to social media after a three-year hiatus.
About Pepe (PEPE)
PEPE is a deflationary memecoin built on the Ethereum blockchain. It was created as a tribute to the popular Pepe the Frog internet meme by Matt Furie.
The project aims to capitalize on the popularity of meme coins and establish itself as a prominent meme-based cryptocurrency. PEPE features a no-tax policy and acknowledges its lack of utility.
In April-May 2023, the token's surge temporarily pushed its market cap to $1.6 billion, creating millionaires and attracting a dedicated community of followers.
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