Pepe (PEPE), the frog-themed meme coin, has seen an 11% surge in the last 24 hours, outshining many popular memecoins. At the time of writing, PEPE is 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 significant 1372% over the last year.

The market cap of PEPE has risen by 9%, currently standing at $5.43 billion. However, the token is still down 23% from its all-time high of $0.0000167, reached on May 28, 2024. Interestingly, PEPE was previously declining alongside the broader cryptocurrency market, as evidenced by an 11% drop in the last seven days.

The recent price reversal follows a significant acquisition by a whale, sparking speculation of a potential PEPE rally. On June 11, an on-chain analytics platform reported that a whale withdrew 256 billion PEPE coins worth $2.9 million from the crypto exchange Bybit. Earlier in May, the same whale had deposited 200 billion PEPE, valued at about $2.8 million, to the exchange following a price pump.

This latest withdrawal indicates renewed interest in the memecoin, as the whale now holds over 291 billion coins valued at around $3.5 million. This acquisition has possibly boosted confidence in PEPE’s future, prompting retail investors to reconsider their positions.

Last time Bitcoin was showing weakness, PEPE slowly started showing strength against the tide, then suddenly-catapulted violently upwards. History will repeat.

Another potential reason for the recent PEPE surge is the speculation of a possible listing on a leading crypto exchange. The exchange had previously caused a price spike in PEPE when it opened a perpetual futures market for the token on April 18.

Pepe remains the top-traded memecoin, far surpassing the likes of Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF). However, among other major meme players, only WIF, Bonk (BONK), and Book of Meme (BOME) registered gains in the last 24 hours. WIF was up a modest 1%, BOME managed an even lower 0.60%, and BONK performed much better, rising 8.5% to trade at $0.000028 at the time of writing.

Meanwhile, the global cryptocurrency market is still experiencing a downturn of 0.67%, bringing its market cap to $2.45 trillion. Bitcoin, the world’s leading cryptocurrency by market cap, is in the red with a 0.65% drop in the last 24 hours, currently trading at $67,338.

For more news on cryptocurrencies, investing, and finance, stay updated with Global Crypto News.

Post Views: 4