As a seasoned crypto investor with a few battle scars and war stories under my belt, I’ve seen my fair share of meme coins come and go. But Pepe (PEPE) has caught my attention in recent days, and for good reason. Its meteoric rise to new all-time highs and market capitalization surpassing well-established altcoins like Litecoin and Polygon is nothing short of impressive.
TL;DR
- Pepe (PEPE) reached a new all-time high of $0.00001717, while its market cap of over $7 billion positioned it as the 21st largest cryptocurrency.
The asset’s 24-hour trading volume exceeded $1.8 billion, outperforming other meme coins like Dogecoin and Shiba Inu.
PEPE Keeps Rising
The meme coin with a frog theme, Pepe (PEPE), has reached new heights, setting a fresh all-time high price on May 27th. Currently valued around $0.00001676, it experienced a slight pullback from its peak, but still marks an impressive 80% increase over the past week and a mind-blowing 1,000% surge since last May.
The token’s market value has grown significantly, reaching over $7 billion just recently. Consequently, its value has surpassed that of established altcoins like Litecoin (LTC) and Polygon (MATIC).
PEPE currently ranks third among meme coins, following Dogecoin (DOGE) and Shiba Inu (SHIB). Despite this position, PEPE surpassed its competitors in one significant aspect. According to CoinGecko’s statistics, PEPE recorded a trading volume of over $1.8 billion within the last 24 hours. In contrast, Dogecoin and Shiba Inu combined reportedly achieved slightly less than $1 billion.
The remarkable achievement of the token in recent times is even more noteworthy given that its market capitalization was below $3 billion as of early May. As per IntoTheBlock’s statistics, over 96% of PEPE holders are currently sitting on paper profits.
Binance, one cryptocurrency exchange that has responded to the recent surge and heightened industry attention for the asset PEPE, now offers the trading pair PEPE/EURO on its Binance Spot platform. Additionally, Binance has enabled the use of trading bots for this specific pair. (Reportedly, CryptoPotato detailed these developments.)
Is There More Room for Growth?
There’s a significant influx of users in Crypto X who firmly believe that PEPE‘s bull market still has a long way to go. For instance, content creator JAKE expressed his perspective, stating that the asset’s $7 billion market capitalization is a significant underestimation of its worth.
One user of X, who is not yourself, proposed that PEPE‘s price surge is “still in its early development.” They believe that a continued rise in PEPE’s value will create a pathway for other meme coins to gain popularity.
It might appear that handling the token is a lucrative opportunity, potentially leading to millions in returns. A recent example was brought to light by the blockchain analytics platform, Lookonchain, where a trader realized a profit of nearly $2.5 million by purchasing PEPE towards the end of last year and subsequently selling it just hours ago.
While joining the meme coin marketplace may seem enticing, be aware that it comes with significant risk due to their notoriously volatile nature. To help you avoid potential pitfalls, we recommend watching our informative video on this topic before making any investment decisions.
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2024-05-27 12:32