Pepecoin (PEPE) has managed to achieve a strong 83% rise over the past 7 days. But what explains this sensational high, for this memecoin approaching 7 billion in capitalization?

A sensational 83% rise

After numerous twists surrounding the approval of Ethereum spot ETFs, the U.S. Securities and Exchange Commission (SEC) finally ruled in their favor. Despite poor inflation figures, the crypto market has been showing a rather positive outlook since then.

While the announcement primarily impacted Ether’s price, which surged over 27% in 7 days, tokens closely tied to its ecosystem like Lido DAO (+51%) and memecoins like Pepecoin (PEPE) also reached new all-time highs (ATH).

Pepecoin is a memecoin representing Pepe the Frog, a comic character created by illustrator Matt Furie. This type of cryptocurrency aims more to entertain than to revolutionize the crypto world.

Still, more and more legit projects are understanding what can happen when a community organizes around a token. Currently, PEPE has a market cap of nearly $7B, making it the 21st most capitalized crypto projects. Critics of PEPE have now turned green; or rather, red.

Pepecoin is presently in price discovery mode after reaching a fresh all-time high (ATH) of $0.00001717. Although the price is dipped to the area just below the local high, this ATH still seen now below by a small margin, with the 7-day performance showcasing an impressive increase by 83%.

After a tumultuous 2023 for Pepecoin (PEPE), renewed interest suggests potential for reaching new highs in 2024.

👉 Also in the news – Pectra: the next major update of Ethereum (ETH) could occur in the first quarter of 2025.

Other famous meme coins in the ecosystem have also seen a surge in price in the recent week: DOGE is up 14%; SHIB is up 8%; and WIF is up 23%. Notably, FLOKI (+43%) and BONK (+57%) rallied the most.

It is unclear what caused PEPE to rally but it could be related to a recent headline regarding a trader who turned $3,000 into $46 million over years of patience and the frenzy surrounding Ethereum spot ETF. This would definitely excite investors.

Source : TradingView