Memecoin Madness: PEPE, Dogecoin and SHIB Surge Amid Crypto Rally
Topping the list is the frog-themed Pepecoin, which has enjoyed an overnight rally of almost 14%.
PEPE is still worth fractions of a penny, though, trading hands now at $0.00000120 per CoinGecko, meaning that 84 million PEPE tokens are only really worth $100. Over the week that rise is much steeper, too; the cryptocurrency has soared a whopping 90% since last Thursday.
Pepecoin, as the name suggests, is based on the Pepe the Frog meme created by the artist Matt Furie. The character was, to his chagrin, appropriated by the alt-right political movement for a period, as well as a large swath of the crypto community. To combat the move, Furie issued a series of NFTs to “mark [his] territory with Pepe.”
The token’s backstory took a backseat, of course, once the token began making grotto-dwelling holders maddeningly rich. One investor even turned $250 into $1 million in just four days—on paper, at least.
But what’s a memecoin rally without the market’s favorite doggos?
Dogecoin has risen double-digits since yesterday, reaching $0.73 at press time. Like its amphibious counterpart, DOGE’s rally has been far more pronounced when examined over the week, soaring 25%.
Shiba Inu is no different, jumping 7% overnight and another 18% since last Thursday, while FLOKI, another dog-themed coin, is up over 20% on the day and 70% on the week.
The bullish trend is still just that, though, a trend.
Just about every asset, even those like Solana that have enjoyed more than 33% in gains since last week, are still miles off from their all-time highs. SOL, for example, still needs to rise another 87% before it returns to its all-time high in 2021.
As for PEPE, it’s still off more than 70%.
The same’s true for DOGE and SHIB, each needing a 90% rise to reclaim their previous highs.