With the recent boom in the cryptocurrency market, Pepe Coin (PEPE) has again gained the spotlight by gaining more than 40% in a day. As a result, the coin has reached a one-month high on the market. After this price hike, PEPE has become the talk of the town, as many investors and traders are eyeing it to amass profits. Since its birth in mid-April, Pepe has noticed several ups and downs.
The global crypto market cap has gone up by 3.28% in the last day. With Bitcoin crossing $30K and Ethereum reaching $1,800, many coins have experienced bullish momentum. The token reached a high of $0.0000015 today. However, its price has retraced back to around $0.00000144. It is still a remarkable forward stride for a token that was under immense selling pressure in the past few weeks. The token is still 66% up from last week’s price. With a market cap of over $558 million, Pepe is currently ranked #67 on the list of top cryptocurrencies.
What Led to the Rise of Pepe?
The cryptocurrency exchange, Gemini posted a cryptic video on its official Twitter handle. The announcement indicated the possible rise of the token. Furthermore, the clip hinted at the possible end of the crypto market’s bearish phase. Plus, it showed BTC superiority to fiat currencies as the US FED plans the mass printing of fiat.
Feeling pepish about something coming soon… 🐸 pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023
The plan of BlackRock to release a Bitcoin Spot ETF in the United States has also positively influenced the performance of many coins. Many whales pour money into PEPE. One of them accumulated 3.43 Trillion PEPE tokens from $4.54 million USDC and 150 ETH tokens. The coming days are critical to the performance of PEPE. If it manages to maintain its steady momentum, the token might be set for a high leap forward in its trading price.
The Performance of Other Meme Tokens
Other prominent meme coins, including DOGE, SHIB, and FLOKI have also made respectable gains on the market. Dogecoin (DOGE) has seen an increase of around 9% in the last week. On the other hand, Shiba Inu (SHIB) has gained over 8% in the last day, taking its weekly tally to over 21%. The burn rate spike of SHIB was a major reason for the coin’s improved performance. Lastly, Floki Inu (FLOKI) has noticed a massive increase of 27% during the last week.
