Pepe, a meme-based cryptocurrency featuring the popular character Pepe the Frog, has seen a significant surge in value in the past week. According to recent statistics, PEPE’s market capitalization has surged from $141 million on April 22 to $303 million currently. Over the last seven days, PEPE has risen 152.9%, with the majority of gains coming from the last 24 hours, as the token jumped 99% higher on Sunday. PEPE is now the fifth-largest meme token by market cap, trailing Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), and Cardano (ADA).
The market values of meme-based cryptocurrencies have fluctuated in the past few months, with DOGE and SHIB experiencing ups and downs. The meme coin market garnered increasing demand from investors and speculation in the cryptocurrency market since its significant rise in value since 2020. The meme coin economy is known for its volatility, but DOGE and SHIB have remained at the forefront of the market.
PEPE is also 1,217% higher than the all-time low of $0.000000055142 per unit recorded on April 18, 2023. There are 420.69 trillion PEPE tokens in circulation today, and coincarp.com statistics show that there are 55,024 PEPE holders currently. The top 10 wallets hold 20.64% of the total supply, and the top 100 hold 43.82%.
While PEPE is hosted on centralized exchanges, the coin’s trading activity is mostly on the decentralized exchange Uniswap (v2). The impact of PEPE’s recent surge on the broader meme coin economy is yet to be seen, but its significant gains highlight the growing interest in the alternative cryptocurrency market.
Investors are closely watching the meme coin market, and its surging values in recent months have made it an important player in the cryptocurrency market. While the market value of meme coins may fluctuate, their impact on the broader cryptocurrency economy cannot be ignored. Analysts predict that meme coins will continue to have a significant impact on the cryptocurrency market in the coming months.