Pepe, the meme coin inspired by the popular frog character, has surged past $11 billion in market capitalization, briefly surpassing Uniswap’s token UNI, which holds a market cap of approximately $10.6 billion. This significant achievement marks an 18-fold increase from Pepe’s market cap of $591 million at the start of the year. Currently trading at $0.0000266, Pepe has seen a 16.8% rise in the past 24 hours and a 26% increase over the last week, according to CoinMarketCap data.
Pepe’s Meteoric Rise in the Crypto Rankings
Launched in 2023, Pepe has quickly climbed the ranks to become one of the top 20 cryptocurrencies by market capitalization, competing with well-established tokens like Dogecoin and Shiba Inu. Since its debut, the coin has skyrocketed by over 7,000%, making it a popular choice among meme coin investors.
Pepe’s price rally started in September 2024, after months of consolidation. It surged 30% within a week, then retraced in early November. However, a major rally in late November pushed it to a new all-time high, solidifying its position in the market.
Rising Popularity and Listing on Binance.US
One factor contributing to Pepe’s rise is its massive supply of 420 trillion tokens, most of which are already in circulation. This large supply has led to significant market activity. Pepe’s popularity was further boosted by its listing on Binance.US on December 5, cementing its status as a prominent player in the meme coin market. Analysts believe Pepe’s strong momentum, backed by a favorable Relative Strength Index (RSI), indicates the potential for continued gains. Some predict its market cap could reach $15–$20 billion by the end of the current cycle.
New Competition on the Horizon
Despite Pepe’s impressive rise, new competition is emerging in the meme coin space. A new token, Wall Street Pepe, raised $2.6 million within just five days of its presale. With staking features offering a 197% annual percentage yield, Wall Street Pepe aims to blend humor with market strategy, attracting a growing community of traders. Its official launch is scheduled for early 2025, and it has already garnered significant attention from investors eager to capitalize on the next big meme coin opportunity.
The Volatile Nature of Meme Coins
The success of Pepe highlights the volatile and rapidly changing nature of the cryptocurrency market. Meme coins like Pepe are gaining popularity as speculative assets, drawing attention for their potential quick gains. While concerns about their long-term sustainability remain, Pepe’s rapid ascent from a $591 million market cap to over $11 billion shows how meme coins can capture significant market interest, even in a highly unpredictable market.
As the meme coin trend continues to grow, the future of tokens like Pepe remains uncertain. However, their popularity underscores the excitement and risk associated with the speculative side of the cryptocurrency world.
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