The price of Pepecoin (PEPE), has surged dramatically, doubling its market cap to $500 million within a week while hitting 155,000 holders.
The primary catalyst behind Pepecoin's resurgence can be attributed to the broader cryptocurrency market's uptrend, instigated by Bitcoin (BTC).
Bitcoin's price surged past the $35,000 mark, creating a ripple effect throughout the crypto space. This momentum is largely fueled by the growing optimism that a spot Bitcoin ETF will soon gain approval in the United States.
The overall memecoin market has been buzzing with excitement due to traders speculating on the next big gains causing the market cap of memecoins to hit $16 billion, with a trading volume of $2.2 billion the past 24 hours at the time of writing.
source: CoinGecko
A significant contributor to this recent surge in value for PEPE is a remarkable event that took place on October 24th.
Approximately $6 million worth of PEPE was intentionally burned, effectively reducing the available supply of the token. Resulting in an increase in demand, pushing the price higher.
In a similar vein, Uniswap creator Hayden Adams initiated a substantial token burn.
He destroyed nearly 99.99% of the token $HAY, an estimated value of approximately $650 billion at that time. This extensive reduction in token supply was so impactful that it drove the value of each coin to an astonishing peak of $5.5 million.
As reported previously on Coinlive, Memeland has concluded their fire sale on the $MEME token with 8,737 ETH ($15,619,609) in the bag
These memecoins, much like Pepecoin, have benefited from the broader positive sentiment in the cryptocurrency space. Memecoins continue to capture the attention of traders and investors. Wen bull?
Raboo's presale has shattered expectations, eclipsing the achievements of both Dogwifhat (WIF) and Pepe (PEPE) coins. By offering a unique fusion of AI memecoin and NFT innovation, Raboo has positioned itself as a new benchmark for future memecoin success.
XingChiThe growth of liquid staking and re-staking, the emergence of spot ETH ETFs, regulatory developments around staking, and potential changes to validator and issuance dynamics present a complex and interconnected landscape.
JinseFinanceA cryptocurrency whale recently sold 170.2 billion PEPE coins for $1.77 million, achieving an impressive 886% ROI. This sale led to a significant price drop for PEPE, highlighting its speculative nature. PEPE's lack of utility and ongoing development makes it a high-risk, high-reward investment in the volatile cryptocurrency market.
Huang BoPepe Unchained's successful presale and innovative approach make it a notable contender in the meme coin space. Its Layer 2 blockchain aims to offer significant improvements over Ethereum, potentially shaping the future of meme coins.
Huang BoCoinbase today launched an ad campaign targeting U.S. voters that promotes cryptocurrency as a cheaper way to send money.
JinseFinancePEPE defies market norms, surging 16% in 24 hrs post-Coinbase listing, indicating potential for further gains.
Xu LinLet’s talk about Axelar, an old project that has been issuing coins for a long time but has just been listed on Binance recently.
JinseFinanceCoinbase's move to introduce perpetual futures for Pepe (PEPE) on its off-shore platform ignited initial enthusiasm among traders, although the token's value retraced shortly after the announcement.
MiyukiMemecoin frenzy sparks 3,000% surge in weekly volume. Pepe, Floki, and Bonk lead with triple-digit growth. High risk, high reward in volatile memecoin market.
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Cheng Yuan