In the aftermath of a downturn in the wider crypto market, the top crypto assets bitcoin and ethereum have each risen modestly, between 1.2% to 1.6%, over the past 24 hours. However, the meme token pepe (PEPE) has surged 77% against the U.S. dollar, and its market capitalization has swelled to $141 million, just $24 million shy of its all-time high valuation. Other top meme coin assets, including dogecoin and shibu inu, have risen by 1.2% to 1.4% today, while baby doge coin has experienced a 10% increase in value over the past day.
While the Meme Coin Market Is Down, Pepe and Babypepe Tokens Jump in Value
The meme coin market has declined 3.1% against the U.S. dollar over the past 24 hours and currently stands at $18.9 billion. On Saturday, eight of the top ten meme coins saw daily gains, with the new crypto asset pepe (PEPE) leading the way. PEPE has risen 77% in the last day and is now 513.15% higher than the meme coin’s all-time low of $0.000000055142 per unit, which was recorded on April 18.
Although the new PEPE coin has risen 77% today, it remains down more than 15% from its all-time high, which was recorded on April 20. On that day, a single PEPE coin was exchanged for $0.000000399788, and the token’s market capitalization exceeded $165 million. Currently, at $0.000000336030 per unit, the meme coin’s market valuation is $141 million today. Interestingly, despite being hosted on centralized crypto exchanges, Uniswap v2 is currently the most active exchange for PEPE trades.
On Saturday, other notable gainers in the meme coin market included baby doge coin (BABYDOGE), which rose 10%, floki (FLOKI), up 5.5%, and dejitaru tsuka (TSUKA), up 7.5% against the U.S. dollar. In terms of meme coin trading volume on Saturday, dogecoin (DOGE) led the way with $610 million over the past day, while shibu inu (SHIB) had $172 million in global 24-hour trade volume. PEPE commanded the third-largest volume for meme coins over the weekend, with $54 million.
PEPE’s gains have seemingly propelled other Pepe the Frog-related crypto assets up in value over the past 24 hours, with zkpepe up 9.9%, mcpepe’s jumping 4.1%, and PEPE.bet rising 0.7%. Interestingly, according to Coingecko.com metrics, babypepe (BABYPEPE) saw a 132% increase against the U.S. dollar during the last day. Babypepe is only a few days old, similar to the new PEPE token, after gathering fiat value on April 18, 2023. While babypepe has more than four quadrillion tokens, both coingecko.com and coinmarketcap.com do not list the new coin’s market valuation.
What do you think the future holds for Pepe the Frog-related crypto assets, and do you believe they will continue to rise in value? Share your thoughts in the comments below.
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Author: Jamie Redman