Pepecoin Doubles to $500M Market Cap Amid Memecoin Fever

Pepecoin

In a remarkable turn of events, the meme-inspired cryptocurrency known as Pepecoin (PEPE) has witnessed an astounding surge, doubling its market capitalization to reach $500 million within the span of a week. This meteoric rise comes as crypto enthusiasts eagerly anticipate the potential impact of a Bitcoin (BTC) spot Exchange-Traded Fund (ETF) on the market.

Pepecoin, featuring a playful frog-themed motif, initially gained prominence as one of the beacons of optimism during the recent crypto bear market. In early May, it achieved an impressive market cap of $1.6 billion, sparking discussions about its potential to rival renowned meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

However, the initial excitement waned, causing Pepecoin’s market cap to dwindle to $244 million earlier this month. Fortunately, the coin seems to have found a resurgence, marked by a substantial increase in trading volume and on-chain activity.

Source- CoinDesk

As of Wednesday, a post on Pepecoin’s X page revealed that more than 155,000 individual wallets held Pepecoin, with accessibility through all token bridges to Arbitrum and BSC. The trading volume surged to an impressive $423 million over the previous 24 hours, representing a substantial 22% rise compared to the day before, according to data from CoinMarketCap.

One of the key contributors to this recent surge was a notable token burn event that transpired on Tuesday. With a total value of $5.5 million, this burn successfully alleviated concerns of a rogue developer potentially flooding the open market with Pepecoin tokens, providing a renewed sense of confidence among investors.

It is essential to note that Pepecoin was not the sole memecoin to experience an upward trajectory during this period. Both Dogecoin and Shiba Inu also enjoyed significant rallies on Thursday as traders exhibited a growing interest in more speculative assets within the cryptocurrency space.

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This impressive performance within the memecoin sector coincides with the surge of Bitcoin, the world’s largest and most prominent cryptocurrency. Bitcoin achieved a 16-month high, reaching a valuation of $35,000, further fueled by increasing optimism that a Bitcoin spot ETF may soon receive approval in the United States.

As the crypto landscape continues to evolve, Pepecoin’s resurgence and the broader memecoin market’s resurgence provide further evidence of the dynamism and excitement inherent in the digital currency world. Investors and enthusiasts alike remain eager to witness how these developments will shape the future of cryptocurrency in the coming months.

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In a remarkable turn of events, the meme-inspired cryptocurrency known as Pepecoin (PEPE) has witnessed an astounding surge, doubling its market capitalization to reach $500 million within the span of a week. This meteoric rise comes as crypto enthusiasts eagerly anticipate the potential impact of a Bitcoin (BTC) spot Exchange-Traded…

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