Pepe Coin PEPE Surpasses Meme Coin Market with 11 Surge Despite Market Downturn
Pepe (PEPE) has experienced an 11% surge in the past day, surpassing most popular meme coins in performance. This sudden increase in price comes after a significant purchase by a large investor, leading to speculation about a potential rally for PEPE. Alongside Pepe, only Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) have seen gains in the last 24 hours.
Despite this recent surge and the potential for a reversal in trends, the broader cryptocurrency market is still struggling after a downturn. The meme coin market, however, has been creating a buzz amid the overall cryptocurrency market decline, with Pepe (PEPE) leading the way.
The popular frog-themed meme coin has seen an impressive 11% surge in the last 24 hours, outshining most of its competitors. At the time of writing, PEPE was trading at $0.0000129, with a trading volume of $1.27 billion over the past day and a market cap of $5.43 billion.
This recent price reversal follows a significant purchase by a large investor, who withdrew 256 billion PEPE coins priced at $2.9 million from the crypto exchange Bybit. This massive acquisition by the investor has potentially restored confidence in the asset’s future, prompting retail investors to reassess their positions. Another potential factor contributing to the PEPE surge is the potential listing of the asset on the leading crypto exchange Coinbase.
In addition to PEPE, only Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) saw gains in the last 24 hours. WIF saw a modest 1% increase, BOME had an even lower 0.60% increase, while BONK performed much better, rising 8.5% to exchange hands at $0.000028 at the time of writing.
Despite the optimism surrounding PEPE and BONK, the broader cryptocurrency market is still reeling from a 0.67% downturn, with Bitcoin experiencing a 0.65% drop in the last 24 hours. Market volatility is peaking as investors await the FOMC meeting and the inflation report scheduled for June 12th.
