Markets
Pepe leads the meme coin market with notable 11% increase
Pepe (PEPE), the popular frog-themed meme coin, has outperformed most popular memecoins with an 11% increase in the last 24 hours.
At the time of writing, PEPE is trading at $0.0000129 with a trading volume of $1.27 billion in the last day. Memecoin is up 50% in the last seven days and a whopping 1,372% in the last year.
PEPE 24 hour price chart | Source: CoinMarketCap
The crypto asset’s market capitalization has also increased by 9%, currently at $5.43 billion. However, the token is still down 23% from its all-time high of $0.0000167 reached on May 28, 2024.
It’s worth noting that PEPE was previously falling along with the broader cryptocurrency market, as seen in the token’s 11% drop over the past seven days, according to data from CoinMarketCap.
The latest price reversal follows a significant whale acquisition that sparked speculation of a potential recovery in PEPE. In a June 11 X post, on-chain analytics platform Scopescan revealed that a whale withdrew 256 billion PEPE coins worth $2.9 million from cryptocurrency exchange Bybit.
In early May, the whale had deposited 200 billion PEPE worth around US$2.8 million on the exchange platform immediately after a price spike.
Notably, the latest withdrawal is a sign of renewed interest in memecoin, as the whale now holds more than 291 billion coins valued at around $3.5 million. The whale’s acquisition of such a large amount of PEPE possibly restored confidence in the future of the asset, urging retail investors to reconsider their positions.
Another potential reason for PEPE’s latest surge is the asset’s possible listing on major crypto exchange Coinbase. The exchange also caused an increase in the price of PEPE previously, as opened a perpetual futures market for the token on April 18th.
Top Meme Players
Pepe remains the most traded memecoin, far surpassing names like Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI) and Dogwifhat (WIF).
However, among the other major meme players, only WIF, Bonk (BONK) and Book of Meme (BOME) recorded gains in the last 24 hours.
- WIF rose a modest 1%.
- BOME managed an even smaller drop of 0.60%.
- BONK has performed much better, rising 8.5% to change hands at $0.000028 at the time of writing.
Meanwhile, the global cryptocurrency market is still recovering from a 0.67% downturn, bringing its market capitalization to $2.45 billion.
The world’s main cryptocurrency by market value, Bitcoin, is seen in the red with a drop of 0.65% in the last 24 hours, currently trading at US$67,338.