Pepe (PEPE) Hits New ATH Amidst Meme Frenzy

The frog-themed memecoin Pepe (PEPE) grew 20% to hit a new all-time high of $0.0001083, surpassing its former high of $0.0000997 on Monday. The token gained over 17% of its market cap in the past 24 hours to reach $4.3 billion as the memecoin sector continued to flourish.

Pepe moved three places in the pecking order, topping Hedera, Ethereum Classic, and Uniswap to become the 24th asset in the prestigious cryptocurrency ranking by market cap. The frog-themed token has maintained bullish momentum amidst the broader market downside, growing over 20% in the last seven days.

Pepe on the Rise

The memecoin’s bullish momentum has not gone unnoticed. Its increased trading volume, strong community, and traction among investors and traders have spurred its recent market upturn.

The Ethereum-based memecoin ranked eighth in 24 hours, topped only by Bitcoin, Ethereum, Solana, and Dogecoin. PEPE’s trading volume increased by over 280% to $1.8 billion, with almost half of its entire spot trading volume coming from Binance.

Among the top 100 cryptocurrencies by market capitalization, PEPE stands out as the top performer, boasting nearly 20% growth in the past 24 hours.

Memecoin Frenzy Continues

The recent upsurge in value and heightened trading volume of meme cryptocurrencies may signal the onset of meme coin season. However, digital assets continue to face challenges within the market, exhibiting some degree of instability.

Memecoins occupy four of the top five slots for top performance among the top 100 cryptocurrencies by market cap. Aside from Pepecoin, dog-themed token Floki (FLOKI) secured the second position with an 8.5% increase, while Dogecoin (DOGE), the leading meme cryptocurrency, soared by 5.93%, surpassing a market capitalization of $21 billion.

The last on the ranking, Shiba Inu (SHIB), increased by 4.62% as the memecoin sector increased its daily gains. Bonk (BONK) and Dogwifhat (WIF) also experienced considerable gains, with increases of 3.65% and 2.96%, respectively.

Overall, the memecoin sector gained 5% in market cap to reach $53 billion. The sector’s trading volume in the past 24 hours is $7 billion.