Pepe, a memecoin, has increased by over 80% in value amidst a general downturn in the crypto market, becoming one of the top 100 by market cap.
Pepe surges amidst the crypto market downturn
In the last 24 hours, the crypto market has been experiencing some general weakness with major cryptocurrencies recording negative price movements. Bitcoin (BTC) is down by -2.65%, ether (ETH) by -3%, and solana (SOL) by -5.5%.
However, amidst the market’s general downturn, pepe (PEPE), a memecoin, has experienced a strong price surge, recording an over 80% increase in value in the same period.
At the time of writing, Pepe’s price stands at $0.00000108, representing a 46% increase in the last 24 hours. PEPE has a 24-hour trading volume of $352,277,151, with a market cap of $456,059,937.
The token reached an all-time high f $0.00000138 on May 1, representing a 1,945.36% surge from its all-time low of $0.000000055142 reached on April 18, according to CoinGecko.
Despite being a memecoin, PEPE has pumped to be among the top 100 coins in market cap according to the same platform.
Pepe’s bullish price movement in the last 24 hours may have been influenced by the excitement around memecoins, as more investors are beginning to pay attention to these types of cryptocurrencies.
As the latest memecoin sensation, PEPE is taking the crypto world by storm with its outrageous and entertaining investment approach. With a token supply of 420,690,000,000,000, this project has been dubbed “the most memeable memecoin in existence” by its creators on Twitter.
It’s vital to keep in mind that meme coins, like PEPE, can be particularly volatile due to their reliance on social media and internet culture.
While they may provide short-term entertainment and excitement (even gains), they are associated with high risk.