Pepe, a popular memecoin, is once again on the cusp of a $500 million market cap after a recent resurgence.
The whimsical meme coin is currently changing hands at $0.00000117, according to data provided by CoinGecko.
Pepe’s return amid the Bitcoin rally
The price of PEPE has experienced a notable revival, doubling its market capitalization in just one week to approach the $500 million mark.
This resurgence comes as the frog-themed memecoin previously reached a peak market capitalization of $1.6 billion in May.
However, the fervor waned and plummeted to a cap of $244 million earlier this month.
The driving force behind Pepe’s recent resurgence appears to be a combination of increased trading volume and on-chain activity.
Key indicators highlight renewed interest in the coin, with an increasing number of wallets holding Pepe. A recent token burning event strengthened his position and eased concerns about a possible rogue developer selling tokens on the market.
Other memecoins in the spotlight
While Pepe’s progress is noteworthy, he is not alone in his rise. Memecoins, in general, have been taking advantage of Bitcoin’s recent surge past the $35,000 mark, its highest level in over a year.
Dogecoin (DOGE), for example, saw a 7.8% rise over the past week, with its market capitalization approaching a staggering $9.75 billion. Shiba Inu (SHIB) saw a 10% increase over the same period, with a market capitalization approaching $4.68 billion.
Meanwhile, other meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE) have also shown impressive growth, with the former rising 37.4% over the past week.
It is essential to approach these meme coins with caution, as their inherent volatility means that while they can rebound on positive news, any negative developments can cause their prices to fall just as quickly.
