In the whirlwind of meme coin mania that has gripped the cryptocurrency market in 2023, PEPE has staged an impressive comeback.
After a prolonged slump from July 14 to October 3, the memecoin halted its descent and entered an accumulation phase. From there, it embarked on a fresh bullish run starting on October 20, surpassing Ethereum-based altcoin Shiba Inu (SHIB) and Elon Musk-backed Dogecoin (DOGE) by a considerable margin.
As a result of this surge, PEPE has reclaimed its spot on the list of top 100 cryptocurrencies, currently holding the 96th position.
Bitcoin’s Ascendancy Beyond $35,000 Fuels Market Momentum
This upswing in value owes much to the market frontrunner, Bitcoin (BTC), which crossed the $35,000 threshold on Tuesday.
Many attribute the current uptrend to the expectation of an approval for a spot Bitcoin exchange-traded fund (ETF), a development poised to usher in a fresh influx of capital.
Notably, Dogecoin is one of five prominent meme coins influenced by Bitcoin’s climb to $35,000. Shiba Inu also saw a 5.9% gain and is presently valued at $0.00000765, mirroring DOGE’s trajectory.
In a pivotal move, the PEPE development team announced on X (formerly Twitter) that approximately 6.9 trillion $PEPE tokens, valued at around $6,000,000, have been burned. Additionally, a new advisory team has been enlisted to steer the future trajectory of Pepe. The original team is exploring strategic partnerships and marketing ventures using the remaining 3.79 trillion tokens attributed to the Centralized Exchange (CEX) multi-sig wallet.
The PEPE community can anticipate regular updates on forthcoming token burns, movements, or applications through Twitter and the official Telegram channel.
PEPE’s Meteoric 25.83% Surge in 24 Hours
As of today, Pepe (PEPE) is priced at US$0.000000930549, boasting a 24-hour trading volume of $455,035,042.79. This marks a staggering 25.83% surge in the last 24 hours and an impressive 43.63% increase over the past 7 days.
With a circulating supply of 420 billion PEPE, the coin currently commands a market capitalization of $398,014,904.
SHIB, on the other hand, is presently valued at $0.00000739, with a 24-hour trading volume of $314,695,140.13. Over the last 24 hours, SHIB has witnessed a 2.72% price hike and a 6.04% increase over the past 7 days. With a circulating supply of 590 billion SHIB, Shiba Inu holds a market capitalization of US$4,348,847,496.
Meanwhile, DOGE trades at $0.065989, with a 24-hour trading volume of $1,064,277,555.26. Over the last 24 hours, DOGE has seen a 3.02% price hike and an 11.02% increase over the past 7 days. Holding a circulating supply of 140 billion DOGE, Dogecoin commands a market capitalization of US$9,327,269,145.
These recent market movements underscore renewed confidence and interest in the cryptocurrency realm. Moreover, they firmly establish PEPE as the standout performer in the current landscape.
