Pepe Coin (PEPE), one of the memecoins that gained attention during the crypto winter, has witnessed a remarkable revival, with its price doubling in just a week.
Furthermore, this resurgence has propelled its market capitalization to an impressive $500 million, as traders eagerly anticipate the potential impact of a Bitcoin (BTC) spot ETF-induced bull market.
From Bear Market to Bullish Momentum
Originally capturing the crypto community’s attention during the recent bear market, Pepe Coin reached a market cap of $1.6 billion in early May. At that time, traders were intrigued by its potential to rival popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
However, the initial hype gradually faded, causing its market cap to dwindle to $244 million earlier this month.
Strong Revival and On-Chain Activity
Pepe Coin has now found a path out of the doldrums, marked by a significant uptick in trading volume and on-chain activity. Recent developments indicate an impressive resurgence. A post on Pepe’s X page revealed that over 155,000 individual wallets are now holding Pepe, including all token bridges to Arbitrum and Binance Smart Chain (BSC).
Moreover, the trading volume surged to $423 million over the past 24 hours, marking a 22% increase from the previous day, according to data from CoinMarketCap.
Token Burn and Market Confidence
The recent surge in Pepe Coin’s price can be attributed to a significant $5.5 million token burn that occurred on Tuesday. Further, this event alleviated concerns regarding a potential rogue developer selling tokens on the open market, bolstering market confidence.
In addition, Pepe Coin’s resurgence is not an isolated incident, as other memecoins such as Dogecoin and Shiba Inu have also experienced notable rallies recently. Traders have shown a growing appetite for speculative assets, contributing to a broader memecoin market sentiment.
Pepe Coin has staged an impressive comeback, with its price doubling in a week and a market capitalization of $500 million. This revival aligns with the broader bullish sentiment surrounding memecoins, as traders anticipate the impact of a Bitcoin spot ETF-induced bull market.
Lastly, with the crypto community’s renewed interest and increased on-chain activity, Pepe Coin is once again making waves in the memecoin space.
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