This past week saw a diverse set of tokens participating in an upswing, and the meme coin Pepe (PEPE) was the star of the show.
In the wake of the recent crypto market turbulence, spurred by speculation about Bitcoin spot ETF acceptance, PEPE has made waves with its announcement of burning more than $5.5 million worth of tokens.
A frenzy of crypto-based memes like Pepe Coin have gained fresh momentum last week as Bitcoin rallied https://t.co/tO8Qz12cZ7
— Bloomberg Crypto (@crypto) October 29, 2023
This move led to a significant 30% price hike in a single day, propelling PEPE to its peak in two months. The growth, set against the backdrop of potential Bitcoin spot ETF approval, marks a significant increase in PEPE’s value and indicates a potential rebound in the altcoin sector.
According to crypto market monitor CoinGecko, over the previous week, the price of PEPE surged by a remarkable 56.5%. However, its current price of $0.00000115 signifies a 3.5% decrease as of now.
PEPE 7-day price chart | Source: CoinGecko
The triumph of PEPE mirrors the burgeoning influence of meme-based cryptocurrencies, which largely thrive on internet communities and social media interaction.
The buzz around these coins is fueled by several factors like trending social movements, speculative trades, and the lure of quick, albeit uncertain, returns on investment.
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The past week has reignited the excitement in the crypto market, with a diverse mix of coins leading the way for gains. Meme coins like Floki Inu (FLOKI) and Pepe capitalized on hype and speculation, with the onset of crypto spring attracting retail investors back to the market.
Meanwhile, platforms like the Mina protocol (MINA) and Injective (INJ), and THORChain scored gains due to project advancements and adoption milestones, and gaming tokens like Gala continued to surge as blockchain-based games continue to draw attention.
Floki Inu saw an 85% increase. As a whole, the top 10 crypto gainers of the week all experienced double-figure returns, outdoing the larger market.
MINA, one of the few larger market cap cryptos, enjoyed a 60% jump to $0.61986, bolstered by an uptick in development activity and increased adoption.
Injective, a decentralized exchange protocol created for decentralized finance applications, experienced a 56.02% rally over the past week, reaching $13.355. Chainlink (LINK), the oracle network, saw a 44.66% increase this week, hitting an impressive $11.04.
It’s worth noting that the extreme price volatility and speculative nature of meme coins can lead to unforeseen price swings and potential risk for investors.
Read more: BTC spikes above $35K, Bankman-Fried takes the stand, Gemini sues Genesis, Elon Musk’s plans | Weekly Recap
