Meme Coins PEPE and SHIB Rally Double Digits on the Week

Meme coins Pepe (PEPE) and Shiba Inu (SHIB) are among the market’s biggest bulls in the past week, with both tokens soaring double digits over the span.

PEPE is currently up 22.5% on the week, changing hands at $0.00000142, according to data provided by CoinGecko.

The asset is also up 6.9% over the past 24 hours, hitting a three-week high on Monday morning.

PEPE’s market capitalization, which now stands at just below $600 million, grew by almost $150 million over the week, helping the meme coin to jump to the 71st position in the rankings.

The asset’s bullish performance comes amid strong investor interest, with at least one crypto whale splashing a total of $1.61 million to scoop up 1.29 trillion PEPE at the start of the last week.

It looks like this whale bought another 486B $PEPE ($604K) from Wintermute Trading 8 hrs ago.

The whale has bought a total of 1.29T $PEPE ($1.61M) in the past 3 days.https://t.co/CrAZV85SvB pic.twitter.com/0EBiVBb16D

— Lookonchain (@lookonchain) August 11, 2023

SHIB joins PEPE rally

SHIB is trading mostly flat over the day, however, the popular meme coin spiked 15% in the past week, changing hands at $0.00001059 at the time of this writing—a drop from a 4-month high of $0.00001119, per CoinGecko.

The asset has been enjoying a bullish movement since the start of the month, when developers announced plans to tie Self-Sovereign Identity (SSI) to all SHIB platform applications. The move aims to help SHIB to leave its meme coin status, cementing a place among the major decentralized finance (DeFi) players.

With a market capitalization of $6.2 billion, SHIB is currently the industry’s 14th largest cryptocurrency.

Elsewhere, Bitcoin (BTC) is struggling below $29,500 at the moment with modest 1.7% weekly gains.

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Ethereum (ETH), the market’s second-largest cryptocurrency, is trading at $1,848, data from CoinGecko shows.