PEPE Surges Over 20% Amid Market Reversal, Enters Top Ten By Trade Volume
PEPE, one of the market’s top memecoins, has caught investors’ eyes as its price surged by over 20% today. As the crypto market experiences a price reversal, Pepe coin capitalizes on the momentum by showing an impressive growth trend. Its trade volume is over $1.4 billion with a market cap exceeding $3 billion.
The global crypto market is looking to close the week on a high note, adding 3.84% to its total capitalization to rest at $2.21 trillion. Even though its total trading volume has decreased by over 5% within the recorded time, positive sentiment and prospects still loom.
Pepe (PEPE) Leads Other Memecoin in Market Rally
Pepe, the third largest memecoin by market cap, prints the largest gains today among the top 100 cryptocurrencies. According to data from CoinMarketCap, the price of PEPE has surged by 24.91% to trade at $0.000007795 at the time of writing. Its market cap has also jumped by 24% to $3.2 billion. What is more, the activities surrounding the coin as measured in its trade volume, have spiked by an impressive 63% over the last day.
Other popular memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and BONK have also recorded impressive gains today. According to the aforementioned tracker, the values of DOGE and SHIB have surged by 7.5% and 7.6% each to trade at $0.133 and $0.0000229 respectively.
WIF and BONK have added 11% and 15% to their value to change hands at $2.73 and $0.000025 respectively. Consequently, the cumulative memecoin market cap has skyrocketed by 11.12% in the last 24 hours to $48.2 billion. The impressive rise in popularity of memecoins and the wide attention it gathers makes it an attractive segment for investment, however, investors should remember that these are highly volatile assets and the prices can rise and crash by mere speculation.
Pepe Joins List of Top Ten Largest Crypto by Trade Volume
Meanwhile, with the interesting price dynamics of PEPE today, its trading activities have been boosted. Pepe now comfortably sits at the #9 position on the top ten list of largest cryptocurrencies by trade volume, surpassing the likes of XRP.
In addition, $5.6 million worth of PEPE’s futures holdings were liquidated as a result of the price increase. Shorts made up 71% of the positions that were removed. It will be interesting to see how the memecoin market segment will close this week judging how they have led the market recovery with over 20% gains today.
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