Pepe (PEPE), the cryptocurrency inspired by memes, continues to astonish, surging by nearly 180% in just one week. This extraordinary comeback has attracted the interest of cryptocurrency enthusiasts and reignited enthusiasm for meme coins in general.
Once overshadowed, PEPE is now leading the pack in the meme coin arena.
PEPE tops the list of the top 100 cryptocurrencies for the mentioned period, boasting daily gains of 43.72% and weekly gains of 176.30%.
PEPE 7-day price chart. Source: CoinMarketCap
So, what exactly has led to this unexpected resurgence of the Pepe meme coin?
Bitcoin advance and speculations are the most likely reasons
This impressive performance mirrors a larger surge in meme coins, often seen as speculative investments linked to the growth of blockchain ecosystems. Bitcoin’s (BTC) recent rally has greatly influenced this trend, surpassing the $60,000 mark, a level not seen since 2021.
Bitcoin 24-hour price chart. Source: Finbold
Social media platforms, notably X, have become hubs for discussions about Pepe. The cryptocurrency has garnered attention with over 104,000 posts dedicated to its vibrant community and potential as an attractive investment opportunity. The widespread traction on social media has bolstered Pepe’s popularity and increased its value.
Number of posts on X related to PEPE. Source: X
Whales significantly contributed to the PEPE price
Key events within the PEPE ecosystem have also played a role in its recent success. Six influential wallets executed trades, selling nearly 2 trillion PEPE tokens.
This high-volume transaction amounted to approximately $4.37 million in sales, yielding substantial profits of around $2 million. Such notable market activity highlights the increasing momentum surrounding the meme coin during this surge.
The price of $PEPE has increased by more than 60% today!6 wallets sold 1.98T $PEPE($4.37M) to take profits, with a total profit of ~$2M.Wallet"0xa145" deposited 486.72B $PEPE($1.04M) to #Binance 6 hours ago, making ~$515K (+97%).https://t.co/RyJqmGu1At5 wallets (possibly… pic.twitter.com/rulYxYE4W5
— Lookonchain (@lookonchain) February 27, 2024Given the current market trends favoring gains, PEPE’s anticipated to maintain its upward trajectory, at least for now. This expectation is fueled by the resurgence of popularity in meme coins and growing investor confidence.
PEPE has successfully recaptured the attention of investors, which had previously shifted towards Dogecoin (DOGE) and Bonk (BONK), propelling it to become the third-largest meme coin by market capitalization.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
