- Memecurrency rally escalates with FLOKI, PEPE topping the big dogs.
- PEPE trends in the Futures markets with a $1.7B daily trading volume.
- PEPE surpasses APE by global market cap after devs burn 6.9T coins.
The king crypto Bitcoin’s (BTC) royal flush all the way to $35,000 has sparked a memecoin rebound rally, which encompasses canine coins Shiba Inu (SHIB), Dogecoin (DOGE), Floki (FLOKI) and the newcomer frog-embossed Pepe (PEPE).
Measured by the weekly charts, Floki (FLOKI) leads the memecoin race with 118% gains in the last seven days. Second comes Pepe, which previously dropped out of the TOP 100 by global market capitalization after months of trading in a descending parallel channel.
Indeed, Pepe whipped up 93.3% gains and scorched back into the TOP 100 to claim #77 with a global market cap of $500,669,138, according to CoinGecko. Nearly doubling in a week, $PEPE trades at $0.00000123, with a slight 0.8% increase in the last 24 hours.
What Factors Drive Pepe’s Latest Bull Run?
The developers ignited the powerful 93% bull run for PEPE by setting ablaze 6.9T tokens, which converts to nearly $6 million. Meanwhile, BlackRock’s Bitcoin ETF made a major breakthrough that day, getting a unique registration number.
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The steady growth is present in the On-Balance Volume (OBV). According to trader Plazma, Pepe sees a rising demand in the Futures markets with an 11% increase in Futures smart contract trading volume. Now totaling $1.7 billion, PEPE comes close to the leading memecurrency Dogecoin (DOGE), with $2.4 billion.
Lastly, PEPE enjoys an upsurge in newly registered wallets, now totaling 143,529, according to blockchain data explorer EtherScan. The momentum for the coin can be affirmed in the net network growth on-chain signal, hinting that new holders brought in a large chunk of the current $500 million global market cap.
On the Flipside
- Despite the price surge, $PEPE’s social dominance fell and didn’t generate as many social mentions compared to previous breakouts for $PEPE.
Why This Matters
Memecurrencies often bring major social excitement for crypto, even though they are more volatile than Bitcoin.
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