Pepe coin emerges as top gainer amid market-wide rally
Pepe (PEPE) has outperformed the rest of the cryptocurrency market in the past 24 hours. The deflationary frog-based meme coin has emerged as the top gainer amid the market-wide rally triggered by a resurgence of bullish sentiments.
Data from CoinMarketCap, one of the most referenced crypto price-tracking resources, indicates that PEPE has rallied by a massive 41% over the last 24 hours. With this impressive surge, the meme coin has solidified its position as the biggest gainer among the top 100 assets.
Notably, pepe’s increase represents almost double the gains registered by conflux (CFX), which secures second on the list of top gainers. Stacks (STX) and singularityNET are respectively third and fourth, witnessing 16% and 13% in gains.
Pepe’s bullish momentum began on June 15 following a decline to the 7-week low of $0.00000082. The meme coin had lost most of the gains picked up last month during a steep decline lasting over a month. Despite the response from the bulls on June 15, pepe’s rally would not gain steam until five days later.
Though the June 15 recovery received support from bitcoin’s (BTC) rally, pepe failed to replicate the firstborn crypto’s upsurge. This was due to reduced interest as trade volume continued to suffer.
Pepe rallies 50% in two days
However, pepe took advantage of the bitcoin price increase on June 20, as it eventually broke above the $0.0000010 price territory. Volume has also skyrocketed, indicating a renewal of investor interest. PEPE currently boasts a 24-hour trade volume of over $691 million.
The bullish momentum picked up yesterday as the meme coin closed the day with a massive 28.97% increase. At its current value, PEPE has rallied by over 50% from the value of $0.00000095 it began on June 20.
This impressive surge has pushed pepe back into the top 70 assets list, as it currently secures the 69th position at the time of writing. With a market capitalization of $560.44 million, the asset has successfully towered over kava (KAVA) and Terra Classic (LUNC).
Pepe is currently trading for $0.000001426 at the time of writing, its highest value in over a month. The token has appreciated by over 69% over the past week, making it the second-largest gainer in this timeframe, only behind stacks (STX) with a 77% weekly increase.