Pepe Coin Soars to New Heights with 1,500% Rally
The digital currency, PEPE, which drew inspiration from the popular frog meme, has achieved a remarkable feat by emerging as a leading contender in the cryptocurrency world.
In just two weeks, the memecoin experienced an astonishing surge of 1,500% in value, attracting both investors and enthusiasts who were keen to acquire it. Within a few weeks, PEPE surpassed the billion-dollar mark, solidifying its position as one of the top 50 coins based on market capitalization.
The Pepe Coin Rise
According to CoinMarketCap, the meme coin’s present value is a mere $0.00000322. However, one should not be fooled by this seemingly insignificant amount because the meme coin has undergone a tumultuous journey lately.
In the last 24 hours alone, the coin has witnessed an impressive surge of 49%. In just one week, its value has skyrocketed by an astounding 931%. But what is truly remarkable is its 14-day peak, where the coin experienced an incredible surge of 1,504%.
This recent increase in Pepe’s value may be due in part to Binance’s decision to add both Pepecoin and Floki Inu (FLOKI) to its “innovation zone” platform. By doing so, the popular exchange demonstrated a certain level of widespread acceptance for these meme coins, which likely contributed to their growing popularity among traders.
However, Binance did issue a warning to potential investors that, as of the time of writing, Pepe did not have a support mechanism based on underlying value.
Additionally, it has been suggested that certain members of the team had the opportunity to purchase 7% of the total token supply shortly after the Token Generation Event (TGE).
Other Meme Coins
Pepe’s remarkable rise has led to a surge in the value of other meme tokens, including WOJAK and PEEPO, which have experienced a growth of over 600% in just one week. Despite the success of these lesser-known tokens, more established meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have had difficulty keeping up.
Dogecoin, widely recognized as the pioneer of meme-based cryptocurrencies, underwent a decline of 2.8% in its value throughout the week. Along the same lines, Shiba Inu also encountered a dip of 3.7% in its value. This rise and fall in performance highlights the unpredictable nature of cryptocurrency markets, demonstrating that even well-established digital currencies are prone to instability.
