The meme-inspired cryptocurrency PEPE has surged to an all-time high, surpassing established tokens like Uniswap (UNI) and Sui (SUI) in market capitalization.
PEPE’s market cap reached approximately $4.58 billion, edging out UNI’s $4.57 billion and SUI’s $4.50 billion reaching a price of 0.00002655
Source: Brave New Coin
This meteoric rise was further amplified by significant investments from prominent figures in the crypto space. Notably, Arthur Hayes, co-founder of BitMEX, made a substantial investment in PEPE, acquiring 24.39 billion tokens valued at $252,000 after depositing 1 million USDC into Binance.
The Pepe chart, Source: X
PEPE’s ascent reflects a broader trend of meme coins gaining traction and achieving substantial market valuations. Earlier in May 2024, PEPE hit an all-time high of $0.00001088, pushing its market cap to $4.5 billion and surpassing tokens like Uniswap (UNI) and Render (RNDR).
Debuting in April 2023, PEPE draws inspiration from the legendary “Pepe the Frog” meme, originally crafted by artist Matt Furie in 2005.
What started as a playful homage to internet culture quickly evolved into a community-powered phenomenon, capturing the enthusiasm of supporters who rallied behind its whimsical yet nostalgic appeal.
Meanwhile, Litecoin (LTC), often dubbed the “silver to Bitcoin’s gold,” has experienced its own resurgence. As of December 9, 2024, LTC’s market cap stands at approximately $10.25 billion, with a trading volume of $1.49 billion over the past 24 hours.
This growth underscores Litecoin’s enduring presence and relevance in the ever-evolving crypto landscape.
These developments highlight the dynamic nature of the cryptocurrency market, where emerging tokens can rapidly ascend the ranks, challenging established players and reshaping the digital asset hierarchy.
Source: https://bravenewcoin.com/insights/pepe-heads-to-the-memecoin-moon