PEPE Skyrockets by Over 115%: The Return of the Memecoins?

Moonbois, degens and aspiring lambo owners the world over are offering a little more free investment advice today as the frog-themed, Ethereum-based memecoin, PEPE, skyrockets over 115%. 

Several of crypto’s other most-beloved memecoins, including DOGE, SHIB and BONK, have also seen substantial price increases in the past day. Most of these coins have since retraced some of their gains but are still up on the day.

Such Profit: Memecoins Pump, Moonbois Pumped

According to CoinMarketCap PEPE has surged a staggering 60% over the past 24 hours, and over 115% since Monday. 

This increase has been fuelled by both a pump in the crypto markets generally and a massive increase in PEPE-specific trading activity—largely driven by a small group of whales. At the time of writing, PEPE was trading at USD$0.000002879, still up over 60%.

Other memecoins have also benefitted from the positive sentiment, with BONK hitting highs about 20% up on the day, DOGE about 12% and SHIB up around 13%. They all outperformed Bitcoin and the crypto market average for the day.

‘Tis The Season To Be Jolly…If You Love Meme Coins

It feels like just yesterday we were all eagerly awaiting DOGE becoming the new “currency of Earth” doesn’t it? It remains to be seen whether these pumps mean we’re back in memecoin season already. 

The future currency of Earth

— Elon Musk (@elonmusk) February 6, 2021

The Bitcoin fear and greed index just ticked over into ‘extreme greed’ territory last week—which is traditionally the time for peak crypto shenanigans. 

Having said that, we’re still very early in the next potential crypto bull cycle; the Bitcoin halving is still several weeks away, and historically market peaks have come around a year or two after the halving. 

So while the memecoin silliness might be starting to set in again, we’re likely to see a lot more memecoin pumps (and maybe a few dumps) before this bull run is over.