TLDR
- Pepe (PEPE) has surged by 11% in the last 24 hours, outperforming most popular memecoins.
- The latest price reversal follows a significant acquisition by a whale, sparking speculation of a potential PEPE rally.
- Among other major meme players, only Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) registered gains in the last 24 hours.
- Despite the recent overnight jump and potential for a trend reversal, the broader cryptocurrency market is still reeling from a downturn.
The meme coin market has been making waves amidst the broader cryptocurrency market downturn, with Pepe (PEPE) leading the charge.
The popular frog-themed meme coin has surged by an impressive 11% in the last 24 hours, outshining most of its competitors. At the time of writing, PEPE was trading at $0.0000129, with a trading volume of $1.27 billion over the past day, and a market cap of $5.43 billion.
This recent price reversal follows a significant acquisition by a whale, who withdrew 256 billion PEPE coins priced at $2.9 million from the crypto exchange Bybit.
The whale’s massive acquisition has possibly reinstated confidence in the asset’s future, urging retail investors to reconsider their positions. Another potential catalyst for the PEPE surge is the potential listing of the asset on leading crypto exchange Coinbase.
unbothered. moisturized. happy. in my lane. focused. flourishing. $PEPE pic.twitter.com/hNwxfUi3Fn
— Pepe (@pepecoineth) June 11, 2024
Among other major meme players, only Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME) registered gains in the last 24 hours. WIF was up a modest 1%, BOME managed an even lower 0.60%, while BONK performed much better, rising 8.5% to exchange hands at $0.000028 at the time of writing.
Despite the optimism surrounding PEPE and BONK, the broader cryptocurrency market is still reeling from a downturn of 0.67%, with Bitcoin seeing a 0.65% drop in the last 24 hours. The market volatility is peaking as investors await the FOMC meeting and the inflation report scheduled for June 12th.
