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Pepe Coin (PEPE) has rallied by more than 250% this week, displaying a remarkable bullish momentum across the global crypto market.
Several other meme coins, including Bonk (BONK), have also recorded double-digit gains this week.
Pepe’s remarkable climb
Amidst the frenzy of the crypto market, Pepe Coin has emerged as a standout performer, trailing behind meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Contrary to initial perceptions of diminishing value, PEPE has experienced a diverse trajectory, transforming into a billion-dollar asset during periods of speculated trend reversals.
Pepe Coin’s journey in February witnessed a consistent upward trajectory, culminating in a 255% rally over the week, as the meme coin’s price hit $0.0000041. Analyzing the weekly and daily chart patterns, the sustained growth indicates potential for further upward movement.
During this surge, six prominent wallets engaged in substantial PEPE trades, involving approximately 2 trillion coins.
The total transactions amounted to $4.37 million, yielding profits close to $2 million for the traders. This significant market activity underscores the heightened interest in PEPE.
Pepe’s controversies
However, the resurgence of PEPE prompts a revisit to past controversies. In January, the PEPE token team addressed a series of suspicious wallet transactions, distancing themselves from “nefarious” former team members. The swift denial and clarification that such activities are not linked to the current team suggest a complex backstory involving rogue developers.
Adding to the intrigue, suspicions of former team involvement trace back to an incident in August 2023, where rogue developers misappropriated 16 trillion PEPE coins, valued at nearly $16 million. Despite these challenges, PEPE has earned a nomination for ‘Memecoin of the Year,’ celebrating its impact on the crypto community and cultural zeitgeist.
Pepe’s current market standing
Pepe Coin is priced at $0.054174, representing a 15.14% increase in the last 24 hours and a 255% increase in the past week, according to data available on CoinGecko.
With a circulating supply of 420 trillion PEPE, its market cap stands at $1.77 billion. The rise of PEPE within a short time frame since its public launch in April 2023 is notable, as it quickly surpassed the $1 billion market cap milestone in just three weeks after going live.
Powered by the Ethereum (ETH) blockchain, Pepe Coin is a popular meme coin characterized by extreme volatility. Despite the official statement claiming no intrinsic value or expectation of financial return, over a hundred thousand investors have engaged with PEPE on major crypto exchanges.
Pepe Coin’s original design incorporated a deflationary mechanism, burning a small percentage of tokens with each transaction to create scarcity. Additionally, a redistribution system allocated portions of transactions to existing token holders, fostering user engagement and encouraging long-term investments.
Broader crypto trends
Amidst Pepe’s surge, other meme coins have experienced notable gains. Dogecoin (DOGE) surged by 61% in the past seven days, while Bonk witnessed a significant 102.10% increase.
The overall crypto market cap has swelled to $2.4 trillion, reflecting a period of “extreme greed” among investors, driven by Bitcoin’s dominance and the introduction of Bitcoin ETFs.
Notably, major financial institutions such as Bank of America’s Merrill Lynch and Wells Fargo have entered the Bitcoin ETF arena, increasing mainstream acceptance.
This move, coupled with the possibility of new offerings, is contributing to a bullish trend in the crypto market.
This article first appeared at crypto.news
