Pepe Price Pumps 50% Overnight As Memecoins Rally
PEPE has led a strong meme coin rally in the last 24 hours. Photo by Aidan Marzo/SOPA Images/LightRocket via Getty Images.
Key Takeaways
- The price of PEPE has jumped more than 50%.
- Other meme coins including DOGE, BONK and WIF have also witnessed price gains.
- Can this upturn continue?
After a bullish wind started to lift the price of PEPE on Saturday, in the past 24 hours, the meme coin has pumped by more than 50%.
While crypto markets in general are up this week, memecoins have proven especially successful. Alongside PEPE, DOGE and BONK have also outperformed the likes of Bitcoin and other major cryptocurrencies.
PEPE Reenter Top 100 Cryptos
Launched in April 2023, PEPE initially saw modest traction, but its price journey took a dramatic turn a month later, skyrocketing to an all-time high of nearly $0.000004 in May.
The euphoria surrounding PEPE was short-lived, however. Following its May peak, the price entered a period of correction, dropping significantly over the next few months.
By October, PEPE had devalued by more than 80% from its all-time high, falling out of the top 100 cryptocurrencies. But now, with its market cap approaching $1 billion for the first time in nearly a year, PEPE has reentered the esteemed club.
DOGE and BONK Also Rally
Joining PEPE in a general meme coin rally, DOGE and Bonk have also seen positive price action.
Since Monday, the price of DOGE has increased by around 12%, boosted by a 230% spike in trading volume. The OG meme coin has now leapfrogged TRON to become the 10th-largest cryptocurrency by market capitalization.
Meanwhile, BONK has also pumped, with its price climbing by more than 20% in the last 24 hours. Fellow Solana-based meme coin Dogwiffat (WIF) has also registered gains of nearly 60% in the last day.
Further Memecoin Gains on the Horizon?
While the recent price action has been bullish, during previous bull markets meme coins have registered some of the most impressive gains of any cryptocurrencies.
For example, in 2017 and 2018, the price of Dogecoin jumped by orders of magnitude in a short space of time. With current price movement reminiscent of the early stages of those past runs, some analysts have predicted that Dogecoin could be on the cusp of a parabolic breakout.
Meanwhile, although PEPE and BONK are younger and therefore less amenable to historical analysis, they have also demonstrated their potential to generate significant gains in short intense periods of upward momentum.
