Pepe (PEPE) coin is back in the headlines as its market cap doubles, drawing investors’ renewed attention. This trending memecoin, known for its dramatic surges, has seen its market cap increase significantly in just one week.
Bitcoin has been leading the global crypto market on a bullish ride this month, with its price surging impressively to over $35,000, reaching its highest point in over a year.
In line with this market growth, the value of PEPE has also surged, with its market cap crossing the $500 million mark. After its launch in May 2023, PEPE experienced exponential growth, peaking at $1.6 billion within the same month.
However, interest in the coin had waned, and its market cap plummeted to $240 million at the beginning of this month. Nevertheless, it has made a remarkable recovery, with its market cap now surpassing the half-billion-dollar mark.
Reasons Behind the Surge
The recent surge in PEPE’s value can be attributed to a combination of increased trading volume and on-chain activities. Recent data reveals a growing number of wallets holding PEPE coins.
Furthermore, a recent burn event removed about 6.9 trillion PEPE coins (equivalent to $5.5 million) from circulation. This event significantly boosted the coin’s value and market cap. Following the burn, the price of PEPE skyrocketed by an impressive 31%, further instilling confidence in investors.
Memecoins Season?
Pepe is not the only memecoin seizing the spotlight. Memecoins, in general, have capitalized on the surge in Bitcoin and the broader crypto market. Prominent tokens such as Dogecoin, Shiba Inu, and FLOKI have also witnessed substantial increases in their value.
Dogecoin (DOGE), the leading memecoin, achieved a market cap of $9.80 billion, with a 7.8% price increase over the last week. Similarly, during the same period, Shiba Inu (SHIB) experienced a 10% surge in value, pushing its market cap to $4.7 billion.
FLOKI, the fourth-largest memecoin by market cap, has also surged, with its price spiking by over 37% in the past week.
While memecoins may be appealing due to their rapid value growth, it is essential to approach them with caution due to their high volatility.
PEPE Price Today
According to live data from Coinstats, the current price of PEPE coin is $0.00000118, marking a 5.67% increase in the last 24 hours. PEPE currently stands as the third-largest memecoin in the market, with a live market cap of $498,337,784 ($498 million). It holds the 74th position on the global crypto market chart, with a 24-hour trading volume of $135,782,940 ($135.7 million).