Key Points
- Pepe (PEPE) is up by 22% today, according to data from CoinMarketCap.
- The token reached a new ATH earlier.
Pepe (PEPE) is currently up by 22%, after reaching an ATH earlier today, according to data from CoinMarketCap.
The total market cap of the token is currently over $5.75 billion.
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PEPE is now the third-largest meme coin after Dogecoin (DOGE) placed in the first spot with a market cap of over $24 billion, and Shiba Inu (SHIB), in the second spot, with a market cap of over $15 billion, according to CoinMarketCap.
PEPE also reached new ATHs earlier today, amidst the meme coins season momentum that has been brought back by the GameStop saga.
GameStop’s stock (GME) price started rising back on May 13 after Keith Gill also known as Roaring Kitty on X unexpectedly returned to social media following a three-year break.
Last week, a savvy trader made $46 million in profit on PEPE, seeing a return of 15,718 fold of his initial $3,000 investment.
The unknown wallet bought 4.9 trillion PEPE for $3,000 on April 15. The trader then sold 1.41 trillion PEPE for $7.4 million, according to a post on X from Lookonchain on May 15.
Hao Yang, the head of financial products at Bybit exchange recently addressed the success of meme coins. He called it similar to punk rock, a symptom of disillusioned young investors “who have seen the opportunities afforded to their parents disappear.”
What is Pepe (PEPE)?
PEPE is a deflationary memecoin that has been launched on Ethereum. The token was created as a tribute to Pepe the Frog internet meme made by Matt Furie.
The project aims to capitalize on the popularity of meme coins, and it strives to establish itself as one of the top meme-based cryptos.
PEPE brings a no-tax policy and it’s up-front about its lack of utility.
Back in April-May 2023, the surge of the token triggered a market cap of $1.6 billion at one point, minting millionaires out of early holders, and attracting a strong community of like-minded followers.
