TLDR
The value of Pepe (PEPE) has risen by 11% in the past 24 hours, outperforming most popular memecoins. The recent price reversal comes on the heels of a major acquisition by the whale, which has sparked speculation of a potential rise in PEPE prices. Among the other major players in memes, only Dojoyfat (WIF), Bonk (BONK), and Book of Meme (BOME) recorded gains in the past 24 hours. Despite the recent overnight jump and the potential for a trend reversal, the broader cryptocurrency market continues to suffer from deflation.
The meme market is making waves amid the broader downturn in the cryptocurrency market, with Pepe (PEPE) leading the charge.
The popular frog-themed coin is up a staggering 11% in the past 24 hours, outperforming most of its competitors. At the time of writing, PEPE is 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 latest price reversal comes on the heels of a major acquisition by a whale, which withdrew 256 billion PEPE tokens at a price of $2.9 million from cryptocurrency exchange Bybit.
The massive Whale acquisition has likely restored confidence in the asset’s future, prompting retail investors to reconsider their positions. Another potential catalyst for PEPE’s rise is the potential listing of the asset on leading cryptocurrency exchange Coinbase.
Unfazed. Moisturizer. happy. In my neighborhood. to focus. Prosperous. $Baby pic.twitter.com/hNwxfUi3Fn
— Pepe (@pepecoineth) June 11, 2024
Among the other major players in memes, only Dojoyfat (WIF), Bonk (BONK), and Book of Meme (BOME) recorded gains in the past 24 hours. WIF rose a modest 1%, BOME managed a 0.60% decline, while BONK fared much better, rising 8.5% to trade at $0.000028 at the time of writing.
Despite the optimism surrounding PEPE and BONK, the broader cryptocurrency market is still suffering a 0.67% decline, with Bitcoin seeing a 0.65% decline over the past 24 hours. Market volatility is peaking as investors await the Federal Open Market Committee meeting and inflation report scheduled for June 12.
