Pepe Meme Coin Surges by 100%, Becomes Third-Largest Meme Coin by Market Cap

Pepe, a prominent memecoin, has experienced a significant surge of 100% in the last two days, reaching a 10-month peak on Feb. 27.

The coin was trading at $0.0000028, up 30% in the last 24 hours, and even peaked at $0.0000029 before pulling back to 0.00002766, as per CoinMarketCap.

The recent surge has pushed Pepe above Bonk (BONK), making it the third-largest meme coin by market capitalization, now exceeding $1 billion. Additionally, its trading volume has surged by 80% to $1.39 billion in the same period.

This notable performance aligns with a broader rally in meme coins, often seen as speculative bets on blockchain ecosystems’ growth. These tokens have collectively gained an average of 6.6% in the past 24 hours, signaling a growing interest across various networks.

The rally has impacted short positions significantly, with Coinglass reporting approximately $4.04 million in shorts liquidated within this timeframe.

The resurgence of meme coins like Pepe correlates with the overall crypto market’s recovery, largely influenced by Bitcoin‘s recent rally to $59,325, a level not seen since November 2021. This momentum has not only benefited Pepe but has also ignited renewed enthusiasm across the meme coin sector, with tokens like Floki Inu (FLOKI) and (WIF) seeing over 30% gains.

On-chain metrics reveal a surge in Pepe’s popularity, with the count of Pepe holders growing from 155,735 to over 157,600 in just three days. This growth is attributed partly to significant buying activities by large accounts and the token’s recent listing on platforms like Robinhood Crypto in select EU jurisdictions. Binance‘s promotion of Pepe, including a 700,000 PEPE giveaway, has further fueled interest.

The rally extends beyond Pepe, with other memecoins like GROK and LADYS recording gains of 22% and 19.9%, respectively, over the past day.

During the same timeframe, the pioneering memecoin DOGE recorded approximately a 12% increase, while SHIB and BONK closely followed with gains of around 10% each. This trend is supported by a surge in retail interest in cryptocurrencies, evidenced by a 200% increase in crypto-related Google searches.

The influx of institutional money, highlighted by the introduction of ETFs by traditional finance giants like BlackRock, has also played a vital role in revitalizing the crypto market. The success of these ETFs, particularly the Newborn Nine, reflects a shift in the perspective towards cryptocurrency investments among institutional investors.

Memecoins, often perceived as lacking intrinsic value, have gained traction as speculative investments within their respective ecosystems. Parties like the Avalanche Foundation, overseeing the Avalanche blockchain, have started supporting meme tokens on their network, acknowledging their cultural and memetic appeal to investors.