pepe coin (PEPE) is up over 250% this week, showing notable bullish momentum across the global crypto market.
Several other meme coins, including Bonk (BONK), have also posted double-digit gains this week.
Pepe's remarkable rise
Amid the cryptocurrency market frenzy, Pepe Coin has become a prominent player, behind meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Contrary to initial perceptions of declining value, PEPE has experienced a diverse trajectory, transforming into a multi-billion dollar asset during periods of speculated trend reversals.
Pepe Coin's February journey witnessed a steady upward trajectory, culminating in a 255% rally over the week, when the meme coin's price hit $0.0000041. When analyzing the weekly and daily chart patterns, the sustained growth indicates potential for further upward movement.
During this increase, six featured portfolios participated in major PEPE exchanges, involving approximately 2 billion coins.
Total transactions amounted to $4.37 million, generating profits close to $2 million for merchants. This significant market activity underlines the increased interest in PEPE.
Pepe's controversies
However, the resurgence of PEPE provokes a review of past controversies. In January, the PEPE token team addressed a series of suspicious wallet transactions, distancing itself from the โnefariousโ former team members. The quick denial and clarification that such activities are not linked to the current team suggest a complex story involving rogue developers.
To add to the intrigue, suspicions of the former team's involvement date back to an incident in August 2023, where rogue developers misappropriated 16 trillion PEPE coins, valued at almost $16 million. Despite these challenges, PEPE earned a nomination for 'Memecoin of the Year', celebrating its impact on the crypto community and the cultural zeitgeist.
Pepe's current position in the market
Pepe Coin is priced at $0.054174, which is a 15.14% increase in the last 24 hours and a 255% increase in the last week, according to data available at CoinGecko.
With a circulating supply of 420 billion PEPE, its market capitalization amounts to 1.77 billion dollars. PEPE's rise in a short period of time since its public launch in April 2023 is notable as it quickly surpassed the $1 billion market cap milestone in just three weeks after its launch.
Powered by Ethereum (ETH) blockchain, Pepe Coin is a popular meme coin characterized by extreme volatility. Despite the official statement stating that there is no intrinsic value or expectation of financial return, over a hundred thousand investors have committed to PEPE on major crypto exchanges.
Pepe Coin's original design incorporated a deflationary mechanism, burning a small percentage of tokens with each transaction to create scarcity. Additionally, a redistribution system allocated portions of transactions to existing token holders, encouraging user participation and encouraging long-term investments.
Broader Crypto Trends
Amid Pepe's rise, other meme coins have seen notable gains. Dogecoin (DOGE) increased by 61% in the last seven days, while Bonk saw a significant increase of 102.10%.
The overall cryptocurrency market capitalization has risen to $2.4 trillion, reflecting a period of โextreme greedโ among investors, fueled by the dominance of Bitcoin and the introduction of Bitcoin ETFs.
In particular, major financial institutions such as Bank of America Merrill Lynch and Wells Fargo have entered the Bitcoin ETF arena, increasing mainstream acceptance.
This move, along with the possibility of new offerings, is contributing to an upward trend in the cryptocurrency market.
