pepe Explodes 180% in a Week, Leads Meme Coin Craze
The meme coin market experienced a massive shift on Tuesday, rising by 20% to $27.2 billion in less than 24 hours at the time of writing.
This rise is driven by PEPE and other popular assets, which have seen significant double-digit gains this week following Bitcoin’s recent peak above $60,000.
PEPEUSD. Source: CoinGecko
PEPE is on fire
PEPE, one of investors’ favorite meme coins, saw a dramatic price increase, reaching a peak of $0.0000033 at 3pm EST on Tuesday. Currently trading at $0.0000031, memecoin has exploded by 180% in the last seven days and 40% in 24 hours.
According to Coinglass data, the Open Interest (OI) Weighted Funding Rate for PEPE increased from 0.0169% to 0.12%, then decreased to 0.06%. However, the rise indicates that traders are increasingly willing to pay more to hold long positions in the hope of further bullish price movement.
Memecoins Go Vertical
FLOKI and dogwifhat (WIF) also moved vertically on Tuesday, up 23 percent and 31 percent. These two meme coins have gained attention from investors as they had an explosive start to the week and achieved significant trading volume across multiple exchanges, including DEXs.
Other notable assets from this group also experienced a large price change on Tuesday; After mostly sitting on the sidelines for a few weeks, dogecoin (DOGE) is up 10% and is now at $0.12.
The renewed interest in meme coins is likely due to the recent rise of other leading cryptocurrencies such as Bitcoin and Ethereum. This, and the fact that traders turn hundreds of dollars into millions by trading such assets, is causing FOMO for those looking to get a piece of the action, especially those in the solana ecosystem.
Readers should use caution when dealing with meme coins in general due to their volatile nature. For those who want to delve deeper into this topic, we invite you to watch our special video below:
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