Pepe Coin (PEPE), a memecoin launched in mid-April that quickly turned into a sensation, has skyrocketed by over 40% in the past 24 hours. The token was one of the best performers in the crypto sector a few months ago, charting all-time highs almost daily.
Its impressive price increase comes amid a general rally of the digital asset market, whose global capitalization recently surged to $1.23 trillion (per CoinGecko data).
- PEPE’s valuation tapped a one-month high after soaring by approximately 40% over the last day. In addition, its market cap has ascended from around $400 million on June 21 to more than $633 million as of the moment of writing these lines.
PEPE Price, Source: CoinGecko
- One factor driving the meme coin’s price up could be the mysterious announcement coming from Gemini. The cryptocurrency exchange posted a short video on Twitter that features PEPE’s logo and its possible shot “to the Moon.”
- The clip also hints about the end of the bear market, showing how Bitcoin (BTC) stands victorious after issues like the mass printing of fiat currencies initiated by the US Federal Reserve.
- Another reason for PEPE’s price explosion could be the returned optimism in the overall crypto market. BTC and most alternative coins have charted massive gains in the past few days following BlackRock’s plans to release a Bitcoin Spot ETF in the United States.
- Despite the regulatory uncertainty in the world’s largest economy, many other finance giants, including Invesco and WisdomTree, followed the example shortly after.
- It is worth mentioning that PEPE is not the only memecoin to grab the attention. Rivals like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) are also well in the green.
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