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Pepe Surged by 190% in Seven Days: A New Life for The Memecoin?

by BSC News

February 28, 2024

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This surge has propelled Pepe to a 10-month high, trading at $0.0000032 and boasting a market cap surpassing $1.3 billion.

The popular meme coin Pepe has seen a staggering surge of 190% over just seven days, leaving investors and enthusiasts alike wondering if the token has been granted new life.

Pepe's recent rally saw a notable 190% in the last seven days, pushing the memecoin to a 10-month high as of February 27th, according to CoinMarketCap. 

At the time of reporting, Pepe was trading at $0.0000032, marking a remarkable 58% increase over 24 hours. 

PEPE 7-Day Price Chart (Source: CoinMarketCap)

Notably, Pepe's market capitalization now stands above $1.3 billion, with a substantial 24-hour trading volume of $1.9 billion – a staggering 117% surge over the past day.

Past Challenges

However, Pepe's journey has not been without its challenges. Last August, the cryptocurrency community was rocked by unsettling news when a multi-signature $PEPE wallet, originally designed to require five signatures for access, was mysteriously altered to grant access with just two signatures. 

This unexpected development triggered a chain reaction, leading to profound consequences for the $PEPE ecosystem. Around 16 trillion $PEPE tokens were transferred from the compromised wallet to centralized exchanges (CEXs), sparking uncertainty and prompting traders to sell their holdings.

In less than 24 hours, the repercussions of this suspicious transaction became evident as Pepe's price plummeted, shedding a staggering $100 million from its market capitalization. The once-promising meme coin was on the brink of a steep decline.

Meme Coin Resurgence

Pepe's recent rise is not isolated; it mirrors a broader rally among meme coins, often perceived as speculative ventures within blockchain ecosystems. Collectively, meme tokens have seen an average gain of 6.6% in the past 24 hours, indicating a growing interest across various networks. 

This resurgence coincides with the broader recovery of the crypto market, largely influenced by Bitcoin's recent rally beyond the $59,000 mark, a level unseen since November 2021.

Further, Pepe's recent surge comes hot on the heels of Binance, the world's leading cryptocurrency exchange, launching a series of promotions for the token. 

To boost Pepe demand, Binance offered free tokens and higher interest rates, further fueling investor interest.

As Pepe experiences this surge of hype and volatility, questions linger about its sustainability. Accordin to Lookonchain, Whales aggressively selling into liquidity during the frenzy have raised concerns about potential dampening effects on Pepe's momentum. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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