Guess who just broke into crypto’s top 20 by market cap? If you bet on a certain green frog, you guessed right.
Pepecoin (PEPE), a frog-themed meme cryptocurrency, has come a long way since its launch in mid-April 2023. Now, as the crypto bull run warms up, PEPE passed the $11B mark in market cap and leapfrogged Uniswap to claim a spot among the top 20 cryptos. But PEPE isn’t alone; other frogs, like Pepe Unchained (PEPU), hope to build on what Pepecoin started.
Early Investor Gains and Momentum
Famously, an early PEPE investor converted $250 into over $1 million within days by acquiring 5.9 trillion PEPE tokens shortly after its launch. There were liquidity challenges that raised concerns about realizing such profits, but the early momentum for Pepecoin stayed positive.
In May 2023, major exchanges like Binance announced listings for PEPE, leading to substantial price increases. PEPE’s value rose by over 100% following Binance’s listing announcement.
Market Volatility and Growth
But despite positive momentum, PEPE’s price has been highly volatile, with significant gains and losses over short periods. In one such example from February 2024, PEPE gained over 120% in a week, coinciding with Bitcoin’s rise above $57,000.
Conversely, in July 2024, PEPE’s value declined by 6% amid broader altcoin market downturns.
Now, with 2024 coming to a close, Pepecoin boasts a market cap 18x higher than where it started at the beginning of the year.
Meme Coin Market Trends
Pepecoin isn’t alone. At $128B, the meme coin market cap is at an all-time high.
There are still wild swings in the meme coin market, where speculative trading often leads to rapid price fluctuations. However, with the broader performance of BTC and leading blue-chip cryptos, the meme coin market is looking up.
A recent all-time high boosted PEPE to the #20 spot on Coinbase’s top cryptos list, and its $11B market cap places it third among meme coins. Dogecoin leads by a considerable margin with a $64B market cap, but only $6B separates Shiba Inu (SHIB) from Pepecoin.
The frog and the dog continue to surge; will PEPE close the gap?
One Frog Leads to Another
PEPE’s success has inspired other projects. Pepe Unchained (PEPU) seeks to bring utility to PEPE’s meme coin momentum, adding cross-chain functionality, a DEX, and an ambitious roadmap.
PEPU has seen its own early success, raising $73M in a sold-out presale.
Both Pepecoin and Pepe Unchained underscore the speculative nature of meme coins, characterized by rapid price movements and significant volatility. There are inherent risks and challenges; look no further than the HAWK debacle. But there’s also incredible wealth-building potential.
References
- Pepe Coin Surges Past $11 Billion Market Cap, Overtakes Uniswap in Crypto Rankings (Yahoo Finance)
- Why Altcoins Like Toncoin and Pepe Stumbled This Week (Yahoo Finance)
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