Popular memecoin Pepe (PEPE) overtook Uniswap’s token (UNI) by market capitalization on December 7. The frog-themed memecoin has set a new record, with a market capitalization of over $11 billion compared to UNI’s current market capitalization of about $10.6 billion. – The process took a lot of time.
According to data from CoinMarketCap, Pepe is up about 16.8% in the last 24 hours and about 26% over the past 7 days.
At the start of 2024, Pepe’s market capitalization was approximately $591 million. The popular memecoin briefly surpassed $11 billion in market capitalization on December 5 and is currently hovering near that level. The market capitalization of $11 billion represents approximately 18x growth since the beginning of the year.
Pepe was launched in 2023 following the massive success of other memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB). Memecoins, which publicly claim to have “no intrinsic value,” have become a favorite among memecoin traders.
Cryptocurrencies by market capitalization. source: CoinMarketCap
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Pepe is a meme coin that pays homage to the cartoon frog created by cartoonist Matt Furie in 2005. However, this project has no connection to Furie or the original “Boys Club” series that created the comic book character.
Since its launch in 2023, Pepe has grown into a strong competitor to staple memecoins like DOGE and has experienced returns of over 7,000% since launch.
In September 2024, Pepe began to rebound after several months of downward price action and consolidation. The frog-themed memecoin rose 30% in a week during the last week of September 2024. However, in early November 2024, the price of MEMCOIN rebounded, wiping out these gains.
Pepe’s price action. Source: TradingView
Prices continued to consolidate throughout October before embarking on a historic rally in November, with Pepe reaching previous highs and reaching current highs.
Memecoin’s popularity among market speculators and investors led Binance.US to list the token on December 5. That’s because MEMCOIN continues to be a major story during the current market cycle.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.