Pepe leads meme coin market with notable 11% surge

Pepe ($PEPE), the popular frog-themed meme coin, has outshined most of the popular memecoins with an 11% surge in the last 24 hours.

At the time of writing, $PEPE was trading at $0.0000129, with a trading volume of $1.27 billion over the past day. The memecoin has surged by 50% over the last seven days and a massive 1372% over the last year.

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$PEPE 24-hour price chart | Source: CoinMarketCap

The crypto asset’s market cap has also risen by 9%, currently holding at $5.43 billion. However, the token is still down 23% from its all-time high of $0.0000167, reached on May 28, 2024.

It is interesting to note that $PEPE was earlier falling in tandem with the broader cryptocurrency market, as seen from the token’s 11% drop in the last seven days, per data from CoinMarketCap.

The latest price reversal follows a significant acquisition by a whale that sparked speculation of a potential $PEPE rally. In a June 11 X post, on-chain analytics platform Scopescan revealed that a whale withdrew 256 billion $PEPE coins priced at $2.9 million from the crypto exchange Bybit.

Earlier in May, the whale had deposited 200 billion $PEPE worth about $2.8 million to the exchange platform immediately after a price pump.

Notably, the latest withdrawal is a signal of renewed interest in the memecoin, as the whale now holds over 291 billion coins valued at around $3.5 million. The whale’s acquisition of such a massive amount of $PEPE has possibly reinstated confidence in the asset’s future, urging retail investors to reconsider their positions.

Another potential reason for the latest $PEPE surge is the potential listing of the asset on leading crypto exchange Coinbase. The exchange had also caused a price spike in $PEPE earlier, as it opened a perpetual futures market for the token on April 18.

Major meme players

Pepe remains the top-traded memecoin, far surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat ($WIF).

However, among the other major meme players, only $WIF, Bonk ($BONK), and Book of Meme (BOME) registered any gains in the last 24 hours.

• $WIF was up a modest 1%.
• BOME managed an even lower 0.60%.
• $BONK performed much better, rising 8.5% to exchange hands at $0.000028 at the time of writing.

Meanwhile, the global cryptocurrency market is still reeling from a downturn of 0.67%, bringing its market cap to $2.45 trillion.

The world’s leading cryptocurrency by market cap, Bitcoin, is seen in the red with a 0.65% drop in the last 24 hours, currently being traded at $67,338.