PEPE Hits New All-Time High, Surges 22%
PEPE has become the third-largest meme coin, trailing Dogecoin (DOGE) with a market cap exceeding $24 billion and Shiba Inu (SHIB) with over $15 billion, according to CoinMarketCap. Earlier today, PEPE achieved new all-time highs, fueled by the ongoing meme coin season reignited by the GameStop phenomenon.
Last week, a trader made headlines by earning $46 million from PEPE, with a staggering 15,718-fold return on a $3,000 investment. This trader bought 4.9 trillion PEPE tokens on April 15 and sold 1.41 trillion PEPE for $7.4 million on May 15, as reported by Lookonchain on X.
Hao Yang, head of financial products at Bybit exchange, likened the success of meme coins to punk rock, reflecting the sentiments of young investors disillusioned by missed opportunities compared to their parents.
PEPE's recent rally is partly attributed to the renewed GameStop stock frenzy. GameStop's shares began climbing on May 13 after Keith Gill, known as Roaring Kitty on X, returned to social media after a three-year hiatus.
What is PEPE?
PEPE is a deflationary meme coin launched on Ethereum, created as a homage to Matt Furie's Pepe the Frog meme. The project aims to leverage the popularity of meme coins and position itself among the top meme-based cryptocurrencies. PEPE is notable for its no-tax policy and transparency about its lack of utility. During April-May 2023, a surge in PEPE's value led to a market cap of $1.6 billion, creating millionaires among early adopters and attracting a dedicated community.
