The meme coin sector has seen another entrant called PEPE which is now dominating the attention of profit-chasers in the crypto market. This new meme coin has defied the low momentum experienced in the crypto market over the weekend and has emerged with the kind of rally not seen since the 2021 bull market.
PEPE Meme Coin Rises Over 1,000%
The weekend came with glad tidings for meme coin investors who saw another coin register massive gains in a short period of time. PEPE, a meme coin that plays on the infamous pepe meme – a green frog – grew rapidly in popularity and hit new all-time high after all-time high.
The meme coin had started out the weekend with 10 zeroes in its price but by morning, it had been able to cancel out three zeroes from its price. In the course of this rally, the meme coin grew over 1,000% as its popularity spread across crypto Twitter.
During this time, its holder base grew from just a few hundred to almost 6,000 at the time of writing. Another notable achievement for the meme coin is that it has been listed on the crypto exchange MEXC Global, which is fondly referred to as the home of meme coins by DeFi investors.
PEPE rises over 1,000% in three days | Source: Dextools
PEPE was also listed on Coinmarketcap in the early hours of Monday, another move that saw its price rally once more. Its trading volume also rose rapidly and has now crossed $30 million in a 24-hour period.
Will This Go The Way Of Dogecoin And Shiba Inu?
Naturally, given that Dogecoin and Shiba Inu are the most successful meme coins in the space, they have become the benchmark of success. As such, all other meme coins aspire to measure up to the success of both of these assets. This now raises the question of whether PEPE would be able to reach the same level of success as its predecessors.
DOGE seeing 5% upside in 24 hours | Source: DOGEUSD on TradingView.com
It is important to keep in mind that while PEPE is seeing a lot of success now, the possibility of a massive crash remains high. An example of a similar case is the Solana-based BONK meme coin which rallied for a few days before experiencing a massive crash that left some investors holding bags of losses.
PEPE has already hit what seems to be a roadblock as the euphoria seems to be running low. After hitting a high of $0.0000000789, the price of the meme coin is down around 40% at the time of writing, to be trading at a price of $0.00000005. Nevertheless, the four-day-old coin remains one of the top trending coins on the Ethereum blockchain.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Twitter, chart from TradingView.com
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