Ethereum-based Pepe memecoin hit a new all-time high of $0.000002322 earlier today after rising more than 50% in the past 24 hours, according to CryptoSlate facts.
During this period, the memecoin’s market cap reached a whopping $931 million before returning to its current level of $864.54 million, according to Coingecko facts.
Pepe market cap surpasses Terra Classic, others
The memecoin is ranked as the 61st largest crypto asset by market capitalization – above several major crypto assets such as Terra Classic (LUNC), Optimism (OP), Huobi Token (HT), BitTorrent (BTT), MakerDAO (MKR), USDD and others.
The rapid rise in Pepe’s market cap has led to speculation that it could soon reach $1 billion.
While the market cap is still below that of memecoins like Dogecoin and Shiba Inu, the trading volume has surpassed theirs in the past 24 hours. According to Coingecko factsPepe’s 24-hour trading volume stood at $647 million at press time, while DOGE’s was $323 million and SHIB was $109 million.
Pepe still prints millionaires
CryptoSlate reported that the memecoin had printed several millionaires as early buyers have profited from the asset.
On-chain analyst Lookonchain reported how a whale exchanged almost all of its assets for the memecoin and made a profit of $1.23 million.
Meanwhile, the huge hype and strong community support has been the main reason for his appearance, coupled with the existing popularity of the Pepe frog meme – which the creators capitalize on as well.
Various exchanges such as ByBit, BitMEX, OKX and MEXC. have listed PEPE and its perpetual contracts.
However, major exchanges like Binance have yet to list it. In a recent AMA session, Binance CEO Changpeng “CZ” Zhao said the exchange could list the token if it continues to evolve and demand increases.
The post of Pepe climbing to new ATH as market cap approaches $1 billion appeared first on CryptoSlate.