PEPE, the memecoin that faced a prolonged slump from July 14 to October 3, has recently roared back to life.
It embarked on a fresh bullish rally on October 20, outperforming Shiba Inu (SHIB) and Dogecoin (DOGE) in a big way, despite their earlier dominance in the meme coin space.
This resurgence has caught the attention of the cryptocurrency market, and here's what you need to know.
The primary driver behind PEPE's resurgence is Bitcoin (BTC). Bitcoin surpassed the $35,000 mark, creating a positive ripple effect throughout the market.
This uptrend is largely attributed to the anticipation of a spot Bitcoin exchange-traded fund (ETF) approval, which could potentially inject significant capital into the cryptocurrency space.
A significant development within the PEPE community is the announcement of a record-breaking token burn.
The PEPE development team shared on X (formerly Twitter) that approximately 6.9 trillion $PEPE tokens, equivalent to around $6,000,000, have been burned.
Moreover, the project has brought in new advisors to provide guidance for PEPE's future.
The remaining 3.79 trillion tokens, held in the Centralized Exchange (CEX) multi-sig wallet, are earmarked for strategic partnerships and marketing efforts.
In recent market data, PEPE stands out with an impressive price surge.
The coin is currently valued at US$0.000000930549, with a 24-hour trading volume of $455,035,042.79.
Over the last 24 hours, PEPE has seen a remarkable price increase of 25.83%.
Over the past 7 days, the increase is even more striking at 43.63%.
These numbers have resulted in a market capitalisation of $398,014,904 for PEPE, with a circulating supply of 420 billion tokens.
For perspective, Shiba Inu (SHIB) currently trades at $0.00000739, with a 24-hour trading volume of $314,695,140.13. In the past 24 hours, SHIB has experienced a price increase of 2.72%, and over the past 7 days, it rose by 6.04%.
SHIB's market capitalisation sits at US$4,348,847,496, with a circulating supply of 590 billion SHIB tokens.
On the other hand, Dogecoin (DOGE) is trading at $0.065989, with a 24-hour trading volume of $1,064,277,555.26.
DOGE has seen a 3.02% price increase in the last 24 hours and an 11.02% increase over the past 7 days.
Dogecoin boasts a market capitalisation of US$9,327,269,145, with a circulating supply of 140 billion DOGE tokens.
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