Bitcoin’s rise to as high as $57,000 this week has also lifted meme coins, including the frog-faced Pepe (PEPE) coin, which has outshined its top rivals in percentage gains.
PEPE’s Meteoric Rally
Pepe, a meme coin inspired by the popular internet frog, is on a tear. The popular frog-themed meme coin is up more than 52.6% in the past day, according to CoinGecko. PEPE is currently trading for $0.00000218. Over the past seven days, it has shot up a whopping 78.2%.
Pepe stole the limelight in the crypto community when one holder turned $260 in PEPE tokens into nearly $8 million in the space of two weeks. Like all joke cryptocurrencies, PEPE is extremely volatile. As such, it’s not clear how long Pepe will maintain investor interest.
Pepe was one of 2023’s biggest success stories. However, the token had a near miss last August when some unknown rogue developers executed many surprising transfers from the project’s multi-sig wallet and effectively pilfered millions of dollars worth of PEPE. The token’s market cap dipped to $$313 million at the time. But it has since recovered to $917.55 million at press time.
Bitcoin Bull Run Fuels Meme Coins
While Pepe is undoubtedly the best-performing meme coin today, other meme tokens are also doing well. Of the top 20 biggest coins and tokens, the largest meme coin in existence, Dogecoin (DOGE), is the best performer, having risen 12.3% on the day; it’s currently valued at $0.09504.
Meanwhile, its rival dog-themed meme coin Shiba Inu (SHIB) is up over 9.4% in 24 hours. It’s currently changing hands for $00001045 after erasing a zero.
Meme coins are waking up since Bitcoin, the largest and oldest cryptocurrency, saw an incredible price growth above $57,000. When BTC experiences an upsurge, it tends to bring other tokens with it.