Pepe (PEPE), the beloved meme coin featuring a frog theme, has surged ahead of most other popular meme coins with an impressive 11% increase in the past day.
Currently, PEPE is trading at $0.0000129, with a trading volume of $1.27 billion over the last 24 hours. Over the past week, the meme coin has seen a significant 50% surge, and over the past year, an astounding 1372% increase.
The market cap of PEPE has also seen growth, rising by 9% to reach $5.43 billion. Despite this positive trend, the token remains 23% below its all-time high of $0.0000167, which was reached on May 28, 2024.
Interestingly, PEPE was previously following the broader cryptocurrency market downward, with a 11% decrease over the past week according to data from CoinMarketCap.
The recent surge in price comes after a notable purchase by a whale, sparking speculation of a potential rally for PEPE. On June 11, Scopescan, an on-chain analytics platform, reported that a whale withdrew 256 billion PEPE coins valued at $2.9 million from the crypto exchange Bybit. This move follows a previous deposit of 200 billion PEPE coins worth about $2.8 million by the same whale, coinciding with a price increase.
The whale now holds over 291 billion PEPE coins valued at around $3.5 million, indicating renewed interest in the meme coin and potentially boosting confidence among retail investors.
Another factor contributing to the recent surge in PEPE’s price is the possibility of the asset being listed on the prominent crypto exchange Coinbase. Previous actions by Coinbase, such as opening a perpetual futures market for PEPE on April 18, have also influenced the token’s price.
In comparison to other meme coins, Pepe remains the most traded, surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF). Among these, only WIF, Bonk (BONK), and Book of Meme (BOME) saw gains in the last 24 hours.
WIF saw a modest 1% increase, while BOME managed a lower 0.60% rise. BONK performed even better, experiencing an 8.5% increase to reach $0.000028 at the time of writing.
Despite these positive movements, the global cryptocurrency market as a whole is facing a 0.67% downturn, with a market cap of $2.45 trillion. Bitcoin, the leading cryptocurrency by market cap, is currently down by 0.65%, trading at $67,338.
As the market continues to fluctuate, the recent surge in PEPE’s price highlights the ongoing excitement surrounding meme coins and their potential for growth.