Pepe Surges Past Uniswap, Hits $11B Market Cap Milestone
Release: 2024/12/08 18:09 Reading: 443
Pepe Soars Past Uniswap, Reaches $11B Market Cap
On December 7th, the popular memecoin Pepe (PEPE) briefly surpassed Uniswap's governance token UNI in market capitalization, crossing the $11 billion mark. This achievement solidifies Pepe's position among the elite tokens and underscores its growing prominence in the memecoin ecosystem.
CoinMarketCap data indicates a 16.8% surge in PEPE's value over the past 24 hours, contributing to a 26% gain over the past week. This remarkable rise, which started with a market cap of only $591 million in early 2024, represents a staggering 18x growth within the year. In contrast, UNI holds a market cap of around $10.6 billion, making Pepe's ascent even more significant.
Historic Rally and Meteoric Rise
Launched in 2023 as a tribute to Matt Furie's beloved cartoon frog, Pepe lacks intrinsic value or utility beyond its speculative appeal. However, it has emerged as a major player in the memecoin market, rivaling established names like Dogecoin (DOGE) and Shiba Inu (SHIB). Since its inception, PEPE has returned over 7,000% to investors, primarily driven by retail enthusiasm and speculative trading.
The memecoin's current surge forms part of a broader rally that commenced in September 2024 after extended price stagnation. Pepe recorded a 30% weekly gain in late September, paving the way for its November breakout. The rally, fueled by renewed investor confidence, pushed the token past its previous all-time high before reaching its latest milestone.
Future Outlook for Pepe
Binance.US played a crucial role in amplifying PEPE's momentum by listing the token on December 5th. This listing further validated its place in the current market cycle, which is dominated by memecoins. The listing also aligns with a broader resurgence of interest in memecoins, which have become one of the defining narratives in the ongoing crypto market recovery.
While PEPE's astronomical rise highlights the speculative nature of memecoins, it also raises questions about sustainability. Lacking inherent utility, the token's future trajectory remains contingent on market sentiment and speculative fervor. Nonetheless, its surpassing of Uniswap's UNI in market cap demonstrates the rapidly evolving investor priorities that can shake up even the most established players in the crypto space.
The post, originally published on TheCoinrise.com, detailed Pepe's surge past Uniswap and its remarkable $11B market cap milestone.
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