Popular memecoin Pepe surged 118% over the past two days, hitting a 10-month high on February 27.
The memecoin was trading at $0.0000026 at the time of writing, up 58% in 24 hours. The token reached a high of $0.0000029 before giving up some of its gains over the past two hours, based on CryptoSlate facts.
Pepe’s market capitalization is currently above $1 billion, with a 24-hour trading volume of $1.38 billion – a 480% increase from the last day.
Memecoins are one of the top sectors on CryptoSlate today, with a 24-hour gain of 11.8% and a weekly gain of 16.91%.
Mint glass facts shows that the rally resulted in nearly $4.4 million worth of shorts being liquidated in the last 24 hours.
Market momentum
Pepe Coin’s journey to a 10-month high was boosted by the crypto market’s overall recovery momentum over the past two days, with several digital assets seeing significant gains as Bitcoin reclaimed price levels last seen in 2021.
Pepe’s OI-weighted funding rate saw a significant increase, from 0.0169% to 0.12%, indicating bullish sentiment among traders. The funding rate has since fallen back to 0.06% during the retracement.
However, the increase still signals a growing willingness to pay more to hold long positions, with expectations of higher future prices.
Bitcoin’s recent rally has benefited Pepe and led to increased interest and investment in other memecoins, indicating a renewed enthusiasm for these niche digital assets.
Memecoin frenzy
Popular memecoin Floki Inu (FLOKI) and the recently launched Dogwifhat (WIF) have risen more than 30% in the past 24 hours, with the latter surging almost 60% before a retracement.
GROK and LADYS also posted gains of 22% and 19.9% in the past day, while other small-cap memecoins such as Akita Inu and SNEK posted similar gains.
Meanwhile, the original memecoin DOGE rose about 12% over the same period, while SHIB and BONK followed closely with a rise of about 10%.
Google’s trend data shows that retail interest in crypto is on the rise again, with crypto-related searches up more than 200% across the board.
The resurgence of interest is being boosted by the introduction of institutional money into the sector via the recent launch of spot Bitcoin ETFs by TradFi giants like BlackRock. The record performance of the Newborn Nine ETFs is forcing investment managers to reconsider their stance on crypto.
Pepe Market Data
At the time of printing 21:22 UTC on February 27, 2024Pepe is at number 78 in terms of market capitalization and so is the price upwards 49.82% in the last 24 hours. Pepe has a market capitalization of $1.07 billion with a 24-hour trading volume of $1.43 billion. More information about Pepe ›
Summary of the crypto market
At the time of printing 21:22 UTC on February 27, 2024the total crypto market is valued at € $2.14 trillion with a 24 hour volume of $112.61 billion. Bitcoin’s dominance currently stands at 52.07%. Learn more about the crypto market ›