The Pepe (PEPE) coin has emerged on the forefront of the crypto market right this moment after a formidable rally. Within the final day, the meme coin’s price has risen by over 50% amid wild hypothesis and bullishness because the Bitcoin worth touched $57,000 for the primary time in additional than two years.
Why Is PEPE Value Surging?
The present uptrend being recorded by PEPE isn’t out of the unusual, however there is no such thing as a single issue driving the value both. As crypto buyers regain their bullishness, cash which have beforehand didn’t rally appear to be taking entrance and heart this time round, and the meme coin matches this narrative completely.
After being sidelined for months by the likes of Solana-based BONK and WIF taking over all of buyers’ curiosity, consideration is popping again to Ethereum meme coins as soon as once more. PEPE, which is at present the second-largest meme coin on the Ethereum blockchain, gives comparable recognition to the likes of Dogecoin and Shiba Inu, however with a market cap beneath $1 billion, holds the promise of extra upside as nicely.
The PEPE coin is at present trending on Twitter, with greater than 53,000 posts on the subject. This means a rising curiosity within the coin, thereby giving it the enhance it must proceed to surge. On the similar time, there was a big uptick within the every day buying and selling quantity of the meme coin.
In accordance with CoinMarketCap, the buying and selling quantity has been up 359% within the final 24 hours, reaching $751 million on the time of writing.
Value rises over 50% to $0.000002144 | Supply: PEPEUSDT on Tradingview.com
Gunning For Third-Largest Meme Coin
The PEPE rally has made it the best-performing meme coin within the final day. With its 52% improve throughout this time, it has pushed forward and is now sizzling on the heels of BONK. BONK is at present the third-largest meme coin within the area after overtaking PEPE late final 12 months. Nevertheless, the latter is again with a vengeance, with lower than $20 million now separating the 2.
Within the final week, PEPE’s worth is up 79%, whereas BONK is seeing meager positive factors of 8.8% as compared. There’s additionally a large disparity of their every day positive factors of BONK’s 16.2% in comparison with PEPE’s 52.8%, in accordance with data from CoinGecko.
PEPE’s market cap is now sitting at $895 million in comparison with BONK’s $908 million. By way of every day quantity, the latter additionally pales compared to the previous, with PEPE at $778 million and BONK at $200 million. Given this vast disparity, if PEPE continues to outperform right this moment, then it should shortly reclaim the third spot.
Different meme coins which have seen important upside over the previous day as nicely embrace WIF and FLOKI. WIF has risen to a brand new all-time excessive after a 50% surge introduced it to $0.57, bringing its market cap to $570 million, earlier than settling again down round $0.53. However, the FLOKI worth is up roughly 19% in the identical time interval to carry its market cap to $434 million.
