Pepe (PEPE), the favored frog-themed meme coin, has outshined a lot of the common memecoins with an 11% surge within the final 24 hours.
On the time of writing, PEPE was buying and selling at $0.0000129, with a buying and selling quantity of $1.27 billion over the previous day. The memecoin has surged by 50% during the last seven days and an enormous 1372% during the last 12 months.
The crypto asset’s market cap has additionally risen by 9%, presently holding at $5.43 billion. Nevertheless, the token continues to be down 23% from its all-time excessive of $0.0000167, reached on Could 28, 2024.
It’s fascinating to notice that PEPE was earlier falling in tandem with the broader cryptocurrency market, as seen from the token’s 11% drop within the final seven days, per information from CoinMarketCap.
The most recent value reversal follows a big acquisition by a whale that sparked hypothesis of a possible PEPE rally. In a June 11 X put up, on-chain analytics platform Scopescan revealed {that a} whale withdrew 256 billion PEPE cash priced at $2.9 million from the crypto change Bybit.
Earlier in Could, the whale had deposited 200 billion PEPE price about $2.8 million to the change platform instantly after a value pump.
Notably, the most recent withdrawal is a sign of renewed curiosity within the memecoin, because the whale now holds over 291 billion cash valued at round $3.5 million. The whale’s acquisition of such an enormous quantity of PEPE has presumably reinstated confidence within the asset’s future, urging retail buyers to rethink their positions.
One other potential cause for the most recent PEPE surge is the potential itemizing of the asset on main crypto change Coinbase. The change had additionally brought about a value spike in PEPE earlier, because it opened a perpetual futures marketplace for the token on April 18.
Main meme gamers
Pepe stays the top-traded memecoin, far surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF).
Nevertheless, among the many different main meme gamers, solely WIF, Bonk (BONK), and E book of Meme (BOME) registered any features within the final 24 hours.
- WIF was up a modest 1%.
- BOME managed a fair decrease 0.60%.
- BONK carried out a lot better, rising 8.5% to change palms at $0.000028 on the time of writing.
In the meantime, the worldwide cryptocurrency market continues to be reeling from a downturn of 0.67%, bringing its market cap to $2.45 trillion.
The world’s main cryptocurrency by market cap, Bitcoin, is seen within the crimson with a 0.65% drop within the final 24 hours, presently being traded at $67,338.