Against the backdrop of Bitcoin's recent surge, Pepe, the whimsical memecoin, is making headlines with its impressive market resurgence
Pepe, a popular memecoin, is once again on the cusp of a $500 million market cap after a recent resurgence.
The whimsical meme coin is currently changing hands at $0.00000117, according to data provided by CoinGecko.
Pepe's comeback amid Bitcoin's rally
The price of PEPE has seen a remarkable revival, doubling its market capitalization in just a week to approach the half-billion-dollar mark.
This resurgence comes as the frog-themed memecoin previously touched a peak market cap of $1.6 billion in May.
However, the fervor dwindled, and it nosedived to a $244 million cap earlier this month.
The driving force behind Pepe's recent revival appears to be a combination of heightened trading volume and on-chain activity.
Key indicators highlight a revived interest in the coin, with an increasing number of wallets holding Pepe. A recent token burn event has strengthened its position and alleviated concerns about a potential rogue developer selling tokens in the market.
Other memecoins in spotlight
While Pepe's rally is noteworthy, it's not alone in its ascent. Memecoins, in general, have been riding the coattails of Bitcoin's recent surge past the $35,000 mark – its highest in over a year.
Dogecoin (DOGE), for instance, saw a 7.8% increase over the past week, with its market cap nearing a staggering $9.75 billion. Shiba Inu (SHIB) experienced a 10% spike over the same period, boasting a market cap close to $4.68 billion.
Meanwhile, other meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE) have also exhibited impressive growth, with the former rising by 37.4% over the past week.
It's essential to approach these meme coins with caution, as their inherent volatility means that while they can rally on positive news, any negative developments can just as quickly send their prices plummeting.