The popular memecoin PEPE is currently soaring as it attempts to stage a market recovery. In a week marred by losses of various magnitudes, the most popular coin of the meme season was not exempt, losing 46.1% of its market value within this period.
The past week has been quite bearish for the entire market as the total crypto market cap fell $64 billion to a current value of $1.170 trillion. Bitcoin, the market leader, shared most of the headlines with PEPE as the market price crashed nearly 9% and traded below $27,000 for the first time since March.
Although the CPI announcement on Wednesday did boost to the main cryptocurrency, it failed to match the momentum of the market bears as Bitcoin is currently trading around $26,815. PEPE, on the other hand, appears to have found support and has resumed its bullish course.
PEPE records 28% gain, emerges as the biggest daily gainer
According to data from Coingecko, PEPE is up 28% in the last 24 hours and has become the biggest market winner in this period. After falling steadily all week, this recent price increase has given some relief to PEPE investors who thought the meme token was well on its way down.
While there is no guarantee that PEPE is on track to deliver another stunning market performance, its resilience may just set it apart from most short-lived meme coins joining the prominent Dogecoin (DOGE) and Shiba Inu (SHIB) Coins.
Overall, PEPE remains the best performing token of the moment, gaining more than 405% in the last 14 days and more than 2,331% since its launch on April 17. In this period, the meme token has also made a lot of progress in the industry with listings on more than 30 exchanges including Binance, Huobi, OKX, KuCoin etc.
At the time of writing, PEPE is trading around $0.0000158, up 2% in the last hour. The token’s daily trading volume has also increased by 151.92%, worth $934.45 million. However, PEPE remains 62% off its all-time value of 0.00000431, which was reached just seven days ago.
PEPE trading at $0.00000158 | Source: PEPEUSD Chart on Tradingview.com
Meme Tokens Criticism continues
Amidst the massive appeal that comes with meme season, the criticism of these meme-inspired cryptocurrencies has not abated. In one of the latest hits, popular crypto analyst Benjamin Cowen, with over 700,000 Twitter followers, tweeted that meme coins only existed to “make the founders rich”.
He further referred to the “strong community” story as “garbage”, stating that most of the meme coins were launched by the same people, “just pump and dump until it’s no longer profitable”.
Daily reminder that these memecoins flooding the market exist to make the founders rich.
The “strong community” story is nonsense.
Most of these memes are made by the same group, just pump and dump until it is no longer profitable.
— Benjamin Cowen (@intocryptoverse) May 9, 2023
While they may be capable of generating huge profits, meme coins seem to be constantly criticized for their lack of practicality. These tokens are based on internet memes, driven only by the user community and celebrity engagements.
That’s why most meme coins are short-lived, “destined” to rise, crash, and burn, albeit with few exceptions.
– Featured image: BTCC, chart from TradingView