Despite a downturn in the overall crypto market, bitcoin and ethereum have each experienced slight growth of around 1.2% to 1.6% in the last 24 hours. On the other hand, the meme token pepe (PEPE) has skyrocketed 77% against the U.S. dollar, and its market cap has skyrocketed to $141 million, just $24 million away from its all-time high value. Other popular meme coins, such as dogecoin and shibu inu, have seen modest gains of 1.2% to 1.4%, while baby doge coin has risen 10% in the last 24 hours.
Meme Coin Market Declines, But Pepe and Babypepe Tokens Surge
The meme coin market has decreased 3.1% against the U.S. dollar in the last 24 hours, totalling $18.9 billion. On Saturday, eight of the top ten meme coins saw daily gains, with new token pepe (PEPE) leading the way. PEPE has surged 77% in the past day, and is currently 513.15% higher than the meme coin’s all-time low of $0.000000055142 per unit, which was recorded on April 18.
Even though PEPE is up 77% today, it is still 15% down from its all-time high, which was set on April 20. On that day, one PEPE token was exchanged for $0.000000399788, and the token’s market capitalization surpassed $165 million. Currently, at $0.000000336030 per unit, the meme coin’s market cap is $141 million. Interestingly, despite being hosted on centralized crypto exchanges, Uniswap v2 is currently the most active exchange for PEPE trades.
On Saturday, other noteworthy gainers in the meme coin market included baby doge coin (BABYDOGE), which jumped 10%, floki (FLOKI), increasing 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 apparently propelled other Pepe the Frog-related crypto assets up in value over the past 24 hours, with zkpepe rising 9.9%, mcpepe’s jumping 4.1%, and PEPE.bet increasing 0.7%. Intriguingly, according to Coingecko.com metrics, babypepe (BABYPEPE) experienced a 132% surge against the U.S. dollar during the last 24 hours. Babypepe is only a few days old, just like the new PEPE coin, after gaining fiat value on April 18, 2023. While babypepe has more than four quadrillion tokens, Coingecko.com and coinmarketcap.com do not list the new coin’s market valuation.
What is your prediction for the future of Pepe the Frog-related crypto assets, do you think they will continue to grow? Share your thoughts in the comments below.