Meme Coins Surge: Dogecoin and Pepe Coin Lead with Triple-Digit Gains

Over the past week, meme coins have outperformed the rest of the market, with Dogecoin (DOGE) and Pepe Coin (PEPE) leading the charge with exceptional triple-digit gains.

Dogecoin and Pepe Lead the Weekly Rally

Dogecoin has continued its impressive run, surging by 8.9% in the last 24 hours and maintaining a notable 106% increase over the week. The token's monthly performance is also noteworthy, with a substantial 242% appreciation.

Similarly, PEPE has spiked by 83% in the last 24 hours, bringing its weekly gain to a remarkable 125%. Supporting the broader meme coin rally, dogwifhat (WIF) and BONK have recorded significant gains of 76.3% and 22.3% respectively, over the past day.

Meme Coin Rally Coincides with Bitcoin's ATH

The surge in meme coins coincides with Bitcoin's historic milestone of reaching a new all-time high of $93,477.11. At the time of writing, BTC is trading at $89,492.42, exhibiting a 3% increase over the last 24 hours.

Institutional Interest in PEPE

Significant whale movements within the PEPE market point to strong institutional involvement. A notable transaction involved a deposit of 500 billion PEPE ($11.38 million) into Coinbase, likely indicating profit-taking.

The whale's trading history reveals a strategic approach:

• Initial investment: 1,173 ETH ($2.04 million)
• Purchase period: May 6 to September 10, 2023
• Total acquisition: 2 trillion PEPE
• Current holdings: 1.5 trillion PEPE ($36 million)
• Total realized profits: Exceeding $45 million

Exchange Listings Fuel PEPE's Price Rise

The recent listings of PEPE on major exchanges, including Coinbase and Robinhood, have further catalyzed whale accumulation. On-chain data suggests continued large-scale purchases, with notable withdrawals from exchanges like Binance.

Analysts Caution on Speculative Sentiment

Analytics firm Santiment warns of unusually high speculative activity surrounding meme coins on social media platforms. This typically indicates market euphoria and potential risks.

Max's Bullish Outlook on PEPE

Bitcoin founder Max has expressed a bullish outlook on PEPE's future potential, predicting the possibility of reaching a $50 billion market capitalization.

While the current market momentum is promising, analysts advise caution due to the historically high social dominance of meme coins, which can often serve as a warning signal.