TL;DR
- PEPE coin surges 50% as Bitcoin price reaches $57,000 and meme coins make a comeback.
- PEPE is the second-largest meme coin on Ethereum, with a market cap of $903 million and a trading volume of $940 million.
- PEPE is close to overtaking BONK as the third-largest meme coin in the crypto space, with less than $20 million difference in market cap.
The Pepe (PEPE) coin has emerged at the forefront of the crypto market today after an impressive crypto rally. In the last day, the meme coin’s price has risen by over 50% amid wild speculation and bullishness as the Bitcoin price touched $57,000 for the first time in more than two years.
In the PEPE market, the bullish trend has been dominant. The price experienced a significant increase, moving from an intra-day low of $0.000001348 to a peak of $0.000002278, before encountering resistance. As of the latest update, PEPE is being traded at $0.000002031, marking a 45% rise in the past 24 hours and a 69% increase over the week.
After being sidelined for months by the likes of Solana-based BONK and WIF taking up all of investors’ interest, attention is turning back to Ethereum meme coins once again. PEPE, which is currently the second-largest meme coin on the Ethereum blockchain, offers similar popularity to the likes of Dogecoin and Shiba Inu, but with a market cap below $1 billion, holds the promise of more upside as well.
How Does PEPE Compare to Other Meme Coins?
The PEPE coin is currently trending on X, with more than 53,000 posts on the topic. This suggests a rising interest in the coin, thereby giving it the boost it needs to continue to surge. At the same time, there has been a significant uptick in the daily trading volume of the meme coin. According to CoinMarketCap, the trading volume has been up 255% in the last 24 hours, reaching $940 million at the time of writing.
The PEPE rally has made it the best-performing meme coin in the last day. With its 52% increase during this time, it has pushed ahead and is now hot on the heels of BONK. BONK is currently the third-largest meme coin in the space after overtaking PEPE late last year. However, the latter is back with a vengeance, with less than $20 million now separating the two.
In the last week, PEPE’s price is up 79%, while BONK is seeing meager gains of 8.8% in comparison. There is also a wide disparity in their daily gains of BONK’s 16.2% compared to PEPE’s 52.8%, according to data from CoinGecko. PEPE’s market cap is now sitting at $903 million compared to BONK’s $901 million.
In terms of daily volume, the latter also pales in comparison to the former, with PEPE at $778 million and BONK at $200 million. Given this wide disparity, if PEPE continues to outperform today, then it will quickly reclaim the third spot.
