Pepe leads meme coin market with notable 11% surge

Pepe Meme Coin Surges, Outperforming Rivals

Pepe (PEPE), the popular frog-themed meme coin, has exhibited remarkable growth in the last 24 hours, surpassing most other meme coins with an impressive 11% increase.

At present, PEPE trades at $0.0000129, with a trading volume reaching $1.27 billion in the past day. The meme coin boasts a remarkable 50% increase over the last week and a substantial 1372% gain in the past year.

PEPE's market capitalization has also experienced a 9% surge, currently standing at $5.43 billion. However, the token remains 23% below its all-time high of $0.0000167, achieved on May 28, 2024.

It is worth noting that PEPE had previously experienced a decline in tandem with the broader cryptocurrency market, as evidenced by its 11% drop in the last seven days.

The recent price reversal coincides with a significant acquisition by a whale. On June 11, Scopescan, an on-chain analytics platform, reported that a whale withdrew 256 billion PEPE coins worth $2.9 million from the crypto exchange Bybit.

Notably, the whale's acquisition of such a significant amount of PEPE has likely instilled confidence in the asset's future, encouraging retail investors to reassess their positions.

Another potential catalyst for PEPE's latest surge is the anticipated listing on Coinbase, a leading crypto exchange. Coinbase's previous announcement of a perpetual futures market for PEPE in April 18 had also fueled a price spike.

In the realm of other major meme coins, only Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) have recorded gains in the past 24 hours.

Overall, the cryptocurrency market has experienced a slight decline of 0.67%, with a total market cap of $2.45 trillion.