PEPE market cap doubles to $500M, riding the memecoin wave

Pepe (PEPE), the whimsical frog-themed cryptocurrency, has managed to shake off its recent low spirits and take a leap back into higher grounds.

Over the past week, Pepe coin’s market cap catapulted to $500 million, doubling in value, all thanks to the hopeful winds blowing through the crypto market.

Traders appear to be rallying behind the coin as the market starts bubbling with excitement around the potential of a Bitcoin (BTC) spot ETF-induced bull run.

Pepe coin was not always in the shadows. Earlier this year, during the less cheerful periods of the crypto market, Pepe emerged as a silver lining, commanding a staggering $1.6 billion market cap.

Traders, hungry for the next big thing, eagerly speculated on whether Pepe could go toe-to-toe with well-known memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).

However, the journey was not always smooth. The fervor surrounding Pepe dwindled significantly as the market cap plunged to a low of $244 million earlier this month.

But in a surprising turn of events, Pepe seems to have recaptured its vitality, showing substantial improvements in trading volume and on-chain activities.

According to the data sourced from Pepe’s page, the coin has now amassed interest from over 155,000 individual wallets, and it’s making noise in the trading scene too. Trading volume has soared to $423 million over the past 24 hours, marking a 22% uptick from the previous day, as per CoinMarketCap.

A key factor in Pepe’s resurgence appears to be a strategic move made by the coin’s handlers – a token burn of $5.5 million. This not only trimmed the coin’s supply but also alleviated looming fears regarding a potential selloff by rogue developers in the open market.

But it seems like Pepe is not alone in this newfound glory; other memecoins, like Dogecoin and Shiba Inu, have also tasted success, experiencing noticeable rallies. This indicates a broader trend where traders are leaning towards more speculative assets, embracing the thrilling yet unpredictable world of memecoins.