The cryptocurrency market is showing signs of life again after weeks of sideways trading, and memecoins appear to be leading the charge once more. Pepe (PEPE), a meme-inspired cryptocurrency token, has seen its price jump over 7% in the last 24 hours amidst a mini-rally.
This pattern of memecoins outpacing bitcoin and major altcoins during nascent bull runs has become somewhat of a trend in crypto markets. When the market rebounds from stagnation, speculative assets like memecoins tend to pump first as traders look for exciting opportunities.
For example, back in 2020 when the crypto market started recovering from COVID-related declines, meme pioneer Dogecoin saw massive gains weeks before bitcoin and ether started their bull run. Now in 2023, Shiba Inu and Dogecoin have already bounced back 30-50% from recent lows. And Pepe is attempting to follow their lead.
In fact, Pepe has quietly become the 3rd most popular memecoin by market capitalization behind only Doge and Shiba. With memecoin mania hitting the market again, PEPE seems poised to potentially retest its all-time high if this mini rally has enough momentum.
Some analysts say the excitement and speculation generated by memecoins is precisely what the crypto sector needs right now after weeks of boring price action. And Pepe, with its eccentric frog avatar, is certainly bringing fun and unpredictability back to the table.
While Pepe still faces an uphill battle to reach the heights of Doge and Shiba, its recent double-digit gains show it is a memecoin quickly capturing attention. With market participants seeking huge upside potential, Pepe’s rally may just be getting started.
