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Pepe has entered parabola after surging 135% in the last seven days. The move was enabled by broader market bullishness, a Binance-led yield program, and a growing narrative that Pepe could be the next Dogecoin.
However, the new P2E meme coin Meme Kombat is also kicking up a storm, having recently sold out at presale and now gearing to launch on exchanges.
A Timely Trifecta of Narratives Explodes PEPE’s Price
Three narratives converged over the past week, all adding to Pepe’s upswing. Each event alone would have positively impacted its price, but the mixture of all three created an unwavering market appetite for Pepe, causing it to soar.
As highlighted by analyst Plazma0x, Pepe has seen notable success in trading activity.
According to on-chain data, over 1100 new wallets bought Pepe yesterday. Meanwhile, it also crossed the $1 billion market cap milestone and enjoyed the highest trading volume among all meme coins.
The analyst concludes by speculating Pepe’s market cap could reach $69 billion, or even $420 billion, in the coming bull market.
Bitcoin’s resounding performance over the past week is the obvious factor to ignite Pepe’s growth. Currently, Bitcoin is trading at $57.1K, up 1.83% today and 10.14% this week.
This created a broader market bullishness, leading to green across the board for altcoins. However, Pepe is the best-performing top 100 crypto this week, so what makes it stand out?
There are two main catalysts. The first occurred on 23 February when Binance launched Pepe in its Simple Earn program. The campaign would distribute 700,000 PEPE to the first 50,000 users who join.
Following this, it will offer up to a 9% APY to all users who deposit Pepe into the platform. This provides a potential demand stream for Pepe while also encouraging long-term holding.
Furthermore, the affiliation with Binance helps legitimize Pepe in the eyes of more conservative crypto investors.
The second catalyst is a growing market conviction that Pepe will replicate Dogecoin’s run in the coming market cycle. As highlighted by MaxBecauseBTC, Pepe is showing similarities to Dogecoin before its 2021 bull run.
Max published a similar theory in January, but the earlier post received less than half the engagement of the recent one. This illustrates the narrative’s momentum is growing, reflecting the market’s bullishness toward Pepe.
However, a noteworthy mention must go to a recent Elon Musk tweet, alluding that he will rejoin the meme sphere after taking an extended bear market hiatus.
Musk did not explicitly say the meme coins he is interested in, prompting excitement from varying meme coin communities that their project may be chosen.
However, one project that could benefit from a “pick and shovels” play is Meme Kombat.
GambleFi Meme Coin Meme Kombat Nears IEO After Raising $10M
Meme Kombat is a compelling cross-over meme coin and GambleFi crypto, blending the best of both sectors for a high-octane project.
The token will launch on exchanges in six days, presenting the final opportunity to buy at a fixed, discounted rate. Its presale raised over $9 million, but this raises the question of what Meme Kombat is all about.
In a nutshell, Meme Kombat enables users to gamble on AI-generated battles between meme coin characters.
There will be different seasons comprising new meme coin characters. As such, the rise of any meme coin could benefit Meme Kombat, making it a “pick and shovels” play on the market.
The platform boasts an augmented battle arena, inviting players to watch and gamble on the fight events up close.
Another benefit is Meme Kombat’s staking mechanism, which currently offers a 94% APY. However, this will decrease as the staking pool grows.
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