PEPE, a frog-themed memecoin, surged by nearly 20% in the past 24 hours to a new all-time high of $0.0000146, as traders rushed to buy the dip after the token’s price fell by 30% in a week.
PEPE’s 24-hour volume has surged to $6.4 billion, making it the third-most traded token on the day after bitcoin and ether.
PEPE’s price is now up 1,000% since the start of the year and the token’s market capitalization stands at $6.2 billion, making it the fifth-largest memecoin.
PEPE’s rise is part of a broader rally in memecoins, which have been buoyed by the launch of new tokens on the Solana blockchain and the popularity of the TRUMP memecoin.
BONK, a Solana-based memecoin, is up by 10% in the past 24 hours and PENGU, a new token launched by the Pudgy Penguins team, is up by 12%.
However, the rally in memecoins has been accompanied by concerns about market manipulation and the lack of fundamental value in these tokens.
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