Pepecoin (PEPE) has caused a stir, posting a remarkable rise of almost 130% over the past 7 days, a performance that stands out at a time when many other altcoins are struggling to keep pace with Bitcoin. What’s behind the memecoin’s rise to over $1 billion in market capitalization ?
Pepecoin (PEPE) posts +130% over the last 7 days
What’s surprising about Bitcoin’s recent rise is that it’s struggling to pull altcoins higher, whereas a natural transition of varying length from the king of cryptocurrencies to lower-cap cryptos can often be seen after it has made significant gains.
While BTC has seen its price climb by more than 10% over the past 7 days, and its capitalization exceeds $1.1 trillion, relatively few of the Top 100 altcoins have had the opportunity to post similar gains over the same period. This almost one-sided rise can be explained in part by the explosion of spot Bitcoin ETFs, which have broken their daily volume records for 2 consecutive days.
With a few exceptions, such as Uniswap’s UNI, PYTH, AR, THETA, FLR, JASMY and GALA, one cryptocurrency in particular stands out from the crowd: Pepecoin.
With a market capitalization of $1.1 billion at the time of writing, PEPE sits in 81st place on this metric, and memecoin proudly boasts a gain of almost 130% over the last 7 days.
In doing so, Pepecoin briefly traded above $0.0000029 at around 8 p.m. yesterday evening. For the first time, the 3rd most capitalized memecoin on the market thus moved significantly closer to its highest price (ATH) of 0.0000055 reached in April 2023.
According to Coingecko data, $1.4 billion in volume was traded on PEPE over the last 24 hours. At the same time, $7 million worth of positions were liquidated on PEPE over the same period.
Other memecoins with similar or higher market capitalization have seen gains, albeit more moderate: DOGE has gained 12% over the past 7 days, SHIB 11.6%, and BONK 15%. Only WIF, though outside the Top 100, posted a substantial gain of +80% over the week.
The reason for Pepecoin’s rise is still unclear, but it’s worth noting that in recent days, rumors have been circulating that memecoin may soon be listed on Coinbase, the most important crypto exchange in the USA. In parallel, Pepecoin is also benefiting from an exhibition on the Binance Earn program until March 7.
Leave your opinion in comments 👇
David
Source : TradingView
