Memecoins Surge as PEPE Gains Over 50%
PEPE gained more than 50% today as several memecoins recorded massive increase in value due to market momentum.
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Memecoins saw an unexpected surge in value today, with PEPE coin and WIF recording the biggest gains.
According to CoinMarketCap, PEPE rose more than 50% in the last 24 hours. With its gains, the token effectively reentered the top 100 cryptocurrencies.
PEPE launched in April 2023 and saw massive gains in May of that year. But the memecoin soon lost its luster and has been in decline for several months now.
However, it has picked up again in recent days. CoinMarketCap data shows that it increased by over 40% in 24 hours and gained 118% in seven days.
Due to its recent performance, it is now up 83% year to date, making it one of the best-performing assets in the year. The market cap for the PEPE is now over $1 billion again.
Why is PEPE Rising
There is no particular reason for PEPE's recent price surge. Thus, it is mostly traceable to Bitcoin's general upward movement of crypto prices.
BTC crossed $56k on Monday for the first time since 2021, and that price momentum has spread to other digital assets, including PEPE.
Despite its recent rise, PEPE is still 39% below its all-time high. However, the current price momentum suggests it could eventually reach that price target and set a new one.
More Memecoins Doing Well
Other memecoins have also seen significantly positive performances today. Solana-based Dogwifhat token also increased by over 30% today.
WIF gains highlight how well most memecoins have been performing this year. The token is up 267% YTD after seeing more than 90% gains in 30 days. Its trading volume also increased 133% today.
Aside from WIF, major cap memecoins also did great. Dogecoin is up by more than 10% and now looks poised to reach the one-cent mark. Despite its general struggles, the token has also positively performed this year.
Meanwhile, BONK has also entered the top 100 tokens after increasing by 10% today. The memecoin single-handedly revived the Solana DeFi ecosystem but has struggled in recent months.
However, its over 30% gains in the last 30 days suggest the worst might be over.
Shiba Inu Struggles
Although most memecoins recorded sizable gains today, the positive trend did not affect some tokens. Shiba Inu is one of those coins.
The momentum did little to buoy the struggling memecoin as it saw a measly 1.5% gain in price today. If it even fell more than 2% in relation to Bitcoin.
Its tepid performance had little effect on its price as the token remained down 10% in seven days. It has declined by 33% in the last 30 days and fallen more than 60% this year.
This poor performance is surprising given the multiple efforts of the project to create utility around its memecoin. However, the SHIB problem is mostly due to its large supply.
