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The Rise of Pepe in the Meme Coin Market

Pepe (PEPE), the popular frog-themed meme coin, has recently stolen the spotlight by showcasing an impressive 11% surge in the last 24 hours, surpassing many other memecoins.

As of the latest data, PEPE is currently being traded at $0.0000129, with a substantial trading volume of $1.27 billion recorded over the past day. Over the course of the last seven days, this memecoin has experienced a remarkable surge of 50%, and an astonishing growth of 1372% over the past year.

The current market cap of this crypto asset has also witnessed a significant 9% increase, now standing at $5.43 billion. Despite these positive indicators, PEPE still trails 23% below its all-time high value of $0.0000167, achieved on May 28, 2024.

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PEPE’s journey in the crypto market has not been devoid of fluctuations, with recent data from CoinMarketCap indicating an 11% decline in the last seven days.

The intervention of a major whale investor, as highlighted in reports from on-chain analytics platform Scopescan, has injected renewed optimism into the fate of PEPE. This whale investor has made substantial moves, withdrawing and depositing billions worth of PEPE coins, potentially influencing market sentiment.

Moreover, rumors regarding the potential listing of PEPE on the prominent exchange Coinbase have also fueled speculations and contributed to the recent price surge.

The whale investor’s acquisition of a substantial PEPE stash, currently valued at around $3.5 million, has played a pivotal role in reshaping market dynamics and urging retail investors to reevaluate their positions.

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Major meme players

Pepe continues to dominate the memecoin arena, overshadowing other notable players such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF).

However, among these meme tokens, only WIF, Bonk (BONK), and Book of Meme (BOME) have shown any positive movement in the past 24 hours.

• WIF has witnessed a modest 1% increase.
• BOME has seen a slight 0.60% uptick.
• BONK has performed impressively, surging by 8.5% and reaching a trading value of $0.000028.

Despite these individual gains, the broader cryptocurrency market is grappling with a downturn of 0.67%, leading to a decrease in the global market cap to $2.45 trillion.

Even Bitcoin, the leading cryptocurrency by market cap, has experienced a 0.65% decline in the last 24 hours, currently priced at $67,338.

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