Memecoins
Pepe leads the coin market with a notable increase of 11%
Pepe (PEPE), the popular frog-themed coin, has outperformed most popular coins with an 11% increase in the last 24 hours.
At the time of writing, PEPE was trading at $0.0000129, with a trading volume of $1.27 billion over the past day. Memecoin has surged 50% over the past seven days and 1,372% over the past year.
24-hour PEPE price chart | Source: CoinMarketCap
The crypto asset’s market capitalization also increased by 9%, currently standing at $5.43 billion. However, the token is still down 23% from its all-time high of $0.0000167, reached on May 28, 2024.
Interestingly, PEPE had previously fallen in tandem with the broader cryptocurrency market, as shown by the token’s 11% decline over the past seven days, according to data from CoinMarketCap.
The latest price reversal follows a large acquisition by a whale that sparked speculation about a potential PEPE rally. In an X article from June 11, the on-chain analytics platform Scopescan revealed that a whale withdrew 256 billion PEPE coins worth $2.9 million from crypto exchange Bybit.
Earlier in May, the whale deposited 200 billion PEPE worth around $2.8 million on the exchange immediately after a price rise.
The latest withdrawal is notably a sign of renewed interest in memecoin, since the whale now holds more than 291 billion coins valued at around $3.5 million. The whale’s acquisition of such a massive amount of PEPE may have restored confidence in the future of the asset, prompting retail investors to reconsider their positions.
Another potential reason for PEPE’s latest surge is the asset’s potential listing on major crypto exchange Coinbase. The exchange had also caused PEPE prices to spike earlier, as it opened a perpetual futures market for the token on April 18.
Major Meme Players
Pepe remains the most traded memecoin, far surpassing Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI) and Dogwifhat (WIF).
However, among other major meme players, only WIF, Bonk (BONK) and Book of Meme (BOME) saw gains in the past 24 hours.
- WIF increased by a modest 1%.
- BOME managed an even lower rate of 0.60%.
- BONK performed much better, rising 8.5% to trade at $0.000028 at the time of writing.
Meanwhile, the global cryptocurrency market is still reeling from a 0.67% slowdown, bringing its market capitalization to $2.45 trillion.
The world’s leading cryptocurrency by market capitalization, Bitcoin, appears in the red with a decline of 0.65% over the last 24 hours and is currently trading at $67,338.