Pepe Coin Surges 200% in May, Outshines Dog-Themed Rivals

Pepe Coin Surges 200% in May, Outshining Dog-Themed Rivals

The ongoing meme coin phenomenon, led by the frog-themed Pepe (PEPE), has propelled the industry to a market capitalization of nearly $69 billion and an average daily trading volume exceeding $10 billion. The allure of trading these highly volatile digital assets has attracted a growing number of cryptocurrency investors to the meme coin market. Moreover, the high liquidity and demand have rewarded early investors in this sector over the past few months.

Pepe's Dominance Over Dog-Themed Meme Coins

Pepe is the sole project among the top five most valuable meme coins that is not inspired by dogs. Notably, it has outperformed most of its rivals in recent weeks, surging into a price discovery phase.

After an impressive 200% rally since early May, Pepe's weekly Relative Strength Index (RSI) has stabilized above 70, suggesting that bullish momentum is strong.

Crypto Rover, a renowned crypto analyst on the X platform, has observed that Pepe's price action on higher time frames closely resembles Dogecoin's (DOGE) price action in 2021.

Reasons to Consider Investing in PEPE

After significant gains in the past two weeks, PEPE's price is currently undergoing a correction. With a fully diluted valuation of approximately $6.3 billion and an average daily trading volume of about $1.4 billion, the mid-cap meme coin boasts over 234,000 users.

Consequently, the Pepe community has garnered attention from prominent cryptocurrency exchanges such as Binance and Coinbase.

Recent Developments and Adoption

Robinhood Crypto EU has announced a half-a-million Pepe airdrop as part of its recent adoption efforts.