As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market anomalies, but Pepe’s meteoric rise is nothing short of extraordinary. The frog-themed memecoin’s journey from a mere $591 million market cap at the beginning of 2024 to surpassing Uniswap’s token (UNI) and reaching an astounding $11 billion, is truly remarkable.
On December 7, the popular meme coin Pepe (PEPE) surpassed Uniswap’s token (UNI) in terms of total market value. At present, the frog-themed memecoin boasts a market cap of more than $11 billion, while UNI has around $10.6 billion. This milestone marks a new peak for Pepe, reaching an all-time high.
Based on information from CoinMarketCap, the cryptocurrency Pepe saw a growth of around 16.8% in the last 24 hours and has increased by approximately 26% over the past week.
By early 2024, Pepe’s total value in the market stood at approximately $591 million. Notably, on December 5th, this memecoin momentarily surpassed a market capitalization of $11 billion and is now hovering around that figure. This massive market cap signifies an increase of nearly 18 times since the beginning of the year.
Pepe debuted in 2023 riding the wave of popularity from other meme-based cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB). This meme-currency, openly claiming to possess no inherent worth, has gained traction among traders specializing in meme coins.
Pepe’s rise to become a top 20 crypto by market cap
As a researcher, I’m delving into the world of Pepe, a memecoin inspired by a frog character conceived by Matt Furie in 2005. However, it’s essential to clarify that this project operates independently from Furie and the original “Boys Club” comic series that birthed the iconic amphibian.
Starting from 2023, when the memecoin called Pepe was launched, it quickly established itself as a serious rival to established memecoins such as DOGE. It has seen an impressive growth of more than 7,000% since its creation.
By September 2024, Pepe’s value started to increase after several months of decreasing prices and a period of stabilization. In the last week of September alone, the memecoin with a frog theme surged by 30%. Nevertheless, during the early days of November 2024, the price of this memecoin retreated, erasing those recent gains.
During October, the price stabilized, but then started an unprecedented surge in November that brought it back up to its old record level, which is now the current all-time high.
Due to the growing interest from market speculators and investors in this meme-based cryptocurrency, Binance.US added the token to their platform on December 5th. The memecoin trend remains significant within the current market phase.
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2024-12-08 01:09