Dogecoin, Shiba Inu take a back seat as new PEPE Meme coin bursts through the scene
The meme coin sector has seen another player called PEPE now dominating the attention of profit hunters in the crypto market. Defying the low momentum experienced in the crypto market over the weekend, this new meme coin has emerged with a rally not seen since the bull market of 2021.
PEPE Meme Coin Rises Over 1000%
The weekend brought happy news for meme coin investors who saw another coin register massive gains in a short period of time. PEPE, a meme coin that plays on the infamous pepe meme – a green frog – quickly grew in popularity, reaching new all-time high after all-time high.
The meme coin had started the weekend with 10 zeros in its price, but by morning it had been able to cancel three zeros from its price. During this rally, the meme coin grew by over 1000% as its popularity spread across crypto Twitter.
During this time, the holder base grew from just a few hundred to nearly 6,000 at the time of writing. Another notable achievement for the meme coin is that it has been listed on the crypto exchange MEXC Global, which is fondly referred to as the home of meme coins by DeFi investors.
PEPE rises over 1,000% in three days | Source: Dextools
PEPE was also listed on Coinmarketcap in the morning hours on Monday, another move that saw its price increase again. Trading volume also rose rapidly and has now surpassed $30 million in a 24-hour period.
Will this go the way of Dogecoin and Shiba Inu?
Naturally, given that Dogecoin and Shiba Inu are the most successful meme coins in the space, they have become the benchmark for success. As such, every other meme coin wants to match the success of both of these assets. This now raises the question of whether PEPE would be able to reach the same level of success as its predecessors.
DOGE seeing 5% upside in 24 hours | Source: DOGEUSD on TradingView.com
It is important to keep in mind that although PEPE is seeing a lot of success now, the possibility of a massive crash is still high. An example of a similar case is the Solana-based BONK meme coin which rallied for a few days before experiencing a massive crash that left some investors holding bags of losses.
PEPE has already hit what appears to be a roadblock as the euphoria appears to be running low. After reaching a high of $0.0000000789, the price of the meme coin is down around 40% at the time of writing, trading at $0.00000005. Nevertheless, the four-day-old coin remains one of the most popular coins on the Ethereum blockchain.
