Markets
Pepe Outperforms Crypto Market to Become Most Traded Memecoin, Surpassing Dogecoin, Shiba Inu – HODLers Hopeful of More Upside
June 9, 2024 11:02 pm | 2 minutes reading
Frog-Themed Memecoin Pepê (CRYPTO: PEPE) proved to be one of the cryptocurrency market’s outliers on Sunday, making steady gains when the broader market barely moved.
What happened: The third-largest memecoin by market value is up more than 7% in the last 24 hours, reversing last week’s corrective action.
O Ethereum (CRYPTO: ETHThe )-based cryptocurrency was also the most traded meme token in the last 24 hours, eclipsing bigwigs like Dogecoin (CRYPTO: DOGE) It is Shiba Inu (CRYPTO: SHIB)
Since reaching an all-time high of $0.0000167 in the last week of May, memecoin has come under significant selling pressure, falling 23% at press time.
Despite this, many market participants remained hopeful about the coin’s potential. A well-known cryptocurrency analyst, Maximum, criticized critics who were pessimistic about PEPE, asking them to focus on the currency’s longer term.
Why this matters: PEPE has been one of the success stories of 2024, with an impressive 10x year-to-date jump.
Exponential growth has boosted the fortunes of coin holders, with a particular investor becoming a millionaire in less than six months.
In the last 24 hours, long-term investors’ PEPE holdings rose 0.02%, indicating expectations of greater growth in the coming days.
Price Action: At the time of writing, PEPE is trading at $0.00001283 after increasing 7.51% in the last 24 hours, according to data from Benzinga Pro.
Read next: GameStop-themed memecoin surges again on Roaring Kitty’s ‘The Dark Knight’ meme post
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