Markets
Pepe leads the meme coin market with a notable increase of 11%.
Pepe (PEPE), the popular frog-themed meme coin, has outperformed most popular memecoins with an increase of 11% in the last 24 hours.
At the time of writing, PEPE was trading at $0.0000129, with a trading volume of $1.27 billion over the past day. Memecoin is up 50% in the last seven days and a massive 1372% in the last year.
PEPE 24-hour price chart | Source: CoinMarketCap
The cryptoasset’s market capitalization also increased by 9%, currently standing at $5.43 billion. However, the token is still down 23% from its all-time high of $0.0000167, reached on May 28, 2024.
Interestingly, PEPE was previously collapsing alongside the broader cryptocurrency market, as seen by the token’s 11% decline over the past seven days, according to data from CoinMarketCap.
The latest price reversal follows a significant takeover by a whale that has sparked speculation about a potential PEPE rally. In a June 11 X post, on-chain analytics platform Scopescan revealed that a whale withdrew 256 billion PEPE coins priced at $2.9 million from the Bybit cryptocurrency exchange.
In early May, the whale had deposited 200 billion PEPE worth around $2.8 million on the exchange soon after a price surge.
Notably, the latest pullback is a sign of renewed interest in the memecoin, as the whale now holds over 291 billion coins worth around $3.5 million. The whale’s acquisition of such a massive amount of PEPE has likely restored confidence in the asset’s future, prompting retail investors to reconsider their positions.
Another potential reason for PEPE’s latest surge is the asset’s potential listing on major cryptocurrency exchange Coinbase. The exchange had also previously caused a surge in PEPE prices opened a perpetual futures market for the token on April 18th.
Major meme players
Pepe remains the most traded memecoin, far surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI) and Dogwifhat (WIF).
However, among other major meme players, only WIF, Bonk (BONK), and Book of Meme (BOME) posted gains in the past 24 hours.
- WIF grew a modest 1%.
- BOME managed to fall further by 0.60%.
- BONK performed much better, gaining 8.5% and trading at $0.000028 at the time of writing.
Meanwhile, the global cryptocurrency market is still recovering from a 0.67% decline, bringing its market capitalization to $2.45 trillion.
The world’s leading cryptocurrency by market capitalization, Bitcoin, is seen in the red with a decline of 0.65% in the last 24 hours, currently trading at $67,338.