Pepecoin Doubles Its Market Cap to $500 Million as Memecoin Fever Steals Bitcoin’s ETF Boom
Pepe (PEPE), a memecoin that emerged from the crypto winter, has doubled in price in a week to reach a market cap of $500 million as traders focus on the Bitcoin spot ETF-fueled look forward to the bull market.
In the recent bear markets, the frog memecoin has been one of the bright spots. Its market capitalization rose to $1.6 billion in early May as traders speculated whether it could compete with the likes of Dogecoin and Shiba.
The excitement quickly died down as the market cap fell to $244 million earlier this month. However, it appears that the hype has been reignited with an increase in trading volume and on-chain activity.
A post on the Pepe page on Wednesday revealed that over 155,000 wallets contained Pepe. This included all token bridges for Arbitrum and BSC. CoinMarketCap reports that trading volume reached $423 million in the last 24 hours. This is an increase of 22% compared to the previous day.
The latest gain is due to the $5.5 million token burn that took place on February 2nd, which allayed concerns that a fraudulent developer could sell tokens on the open market.
Dogecoin, Shiba Inu and Pepe were not the only memecoins to post gains on Thursday. Traders began trading more speculative currencies.
The sector’s performance is positive after Bitcoin, the world’s largest cryptocurrency, rose to a high of $35,000. There are also growing expectations that a spot market ETF will soon be approved by the US
