This article is paid*
The price of popular meme token Pepe (PEPE) has risen 18% in the past 24 hours to trade at $0.00001111, with trading volume of the token rising 184% to $2.34 billion.
Crypto.com inspires traders to buy Pepe
The possible reason for the rise in Pepe’s price, especially the volume, comes from a post published by the Crypto.com exchange on May 15.
The popular trading platform has launched a Pepe app campaign, offering investors a chance to win UFC 303 tickets and a $50,000 stake in PEPE.
To qualify for this event, they must purchase or trade at least $50 of Frog Meme Coin to join.
The event will run until May 29, giving investors and traders about an extra week to join. This event certainly prompted many to buy the meme coin, causing its price to rise due to increased demand.
One of the cryptocurrency experts behind the YouTube channel TodayTrader, which has 11.7k subscribers, said Pepe is the meme currency driving the rally in his latest video.
The return of Roaring Kitty continues to push prices higher
Pepe’s rise comes amid a broader meme coin boom that saw most meme-based cryptocurrencies trading in the green on May 21.
The sector saw a spike in interest last week after legendary trader and investor Roaring Kitty returned to the trading world after a 3-year absence.
Roaring Kitty withdrew from the public in 2021, after participating in what is now known as the GameStop short squeeze.
At the time, institutional investors were shorting shares of GameStop and many other companies for their own profits, not caring that they would financially ruin these companies along the way.
Roaring Kitty and other amateur investors from a subreddit known as WallStreetBets decided to help the projects through mass purchases of shares, which drove up their prices, causing the institutions to lose money.
The return of Roaring Kitty caused GameStop’s stock price to briefly rise, but once the meme stock soared, meme coins quickly followed.
New Solana Meme Coin Silana
While the Pepe price rise represents a great opportunity for meme investors and traders to make some money, there may be an even bigger opportunity waiting for them in the Solana ecosystem.
Last month, Solana Network saw the start of a new presale for a meme coin called Sealana (SEAL).
As the name suggests, this is a stamp-based project that stands out from all the frogs, cats, dogs and sloths that have been dominating the coin sector over the past few months.
The project is humorous and fun, and unlike most modern memecoins, it doesn’t try to compete with others by adding DeFi features like staking. Instead, Sealana has returned to what it means to be a meme coin, offering users a token that exists simply for fun.
Although it sounds simple, it may be exactly what industry participants need. The prequel for Sealana started out slow, but exploded a few weeks ago and is now at $2.2 million and counting.
Its token, SEAL, sells for $0.022 per unit and can be purchased using a credit/debit card, ETH, USDT, BNB or SOL.
*The crypto expert did not write the article or test the platform.