PEPE price surges 17% to ATH, token joins Top 25 cryptos by market cap
PEPE memecoin surges to $10.6B, fueled by whale demand
PEPE, an altcoin inspired by internet culture, has reached a market capitalization exceeding $10.6 billion, marking an extraordinary chapter in its rapid rise.
The memecoin has become one of the year’s top-performing cryptocurrencies, delivering staggering returns for investors, according to CryptoDnes.
Unprecedented growth in 2024
PEPE’s meteoric ascent is reflected in its impressive performance metrics. According to CoinGecko, the altcoin surged 16.9% over the past 24 hours and recorded a 21.1% increase over the past week. At the beginning of 2024, PEPE’s market cap stood at a modest $591 million. By December 5, it briefly surpassed $10.6 billion, representing an 18-fold growth in value over the year. This surge has cemented PEPE’s position among the elite performers in the cryptocurrency market.
Key drivers behind PEPE’s rally
On-chain data indicates that whale investors have played a critical role in PEPE’s remarkable rally. Reports reveal significant accumulation of PEPE tokens by large investors in recent weeks, tightening supply and driving up prices. High-value purchases have become a hallmark of this activity, reducing the circulating supply and fueling demand.
Additionally, the derivatives market has been a key factor in PEPE’s value growth. PEPE’s derivatives trading volume surged by 78% to $1.67 billion, while open interest rose 39% to $368 million. These figures highlight growing interest among traders, adding momentum to the coin’s upward trajectory.
PEPE’s unique journey in the memecoin space
Launched in 2023, PEPE drew inspiration from the iconic cartoon frog created by Matt Furie in 2005. Despite having no ties to Furie or his original Boys Club comic series, PEPE has carved out a significant niche in the cryptocurrency world. While lacking inherent utility, PEPE has positioned itself as a high-potential token capable of generating substantial returns for its holders.
Since its inception, PEPE has grown by an astonishing 7,000%, with its trajectory marked by dramatic rallies and consolidation phases. A standout moment came in September 2024, when PEPE rallied 30% in a single week. Although it faced a setback in November, losing some of its gains, the coin made an impressive recovery later that month.
Binance listing adds momentum
The excitement surrounding PEPE reached new heights when Binance.US listed the token on December 5, further boosting its market visibility. This development underscores the enduring appeal of memecoins in the broader cryptocurrency market.
As PEPE ends the year with a valuation exceeding $10 billion, its journey highlights the volatile yet captivating nature of the crypto landscape. Whether it sustains its upward momentum or faces new challenges, PEPE’s story remains one of the most remarkable in cryptocurrency history.
Notably, in October, PEPE became the first memecoin to debut on Japan’s BITPoint exchange, marking a significant milestone in its journey as a trending digital asset.
