Pepe Coin Surges 200% in May, Outshines Dog-Themed Rivals
Elena R29 May 20241 min read
The meme coin craze, led by the frog-themed Pepe (PEPE), has skyrocketed the industry to a $69 billion market cap and an average daily trading volume of over $10 billion. This surge has attracted many crypto investors seeking the thrill of trading these volatile assets. High liquidity and growing demand have particularly benefited early investors in recent months.
Here’s all there is to know.
Frogs Win Over Dogs!
Pepe stands out among the top five meme coins as the only one not inspired by dogs. Its performance has been impressive, outpacing most other top meme coins over the past few weeks and reaching new price highs.
Since the beginning of May, Pepe has surged by 200 percent. The weekly Relative Strength Index (RSI) has stayed above the 70 level, indicating strong bullish control.
Crypto Rover, a well-known analyst on the X platform, has noted that Pepe’s price action on higher time frames closely mirrors Dogecoin’s (DOGE) performance in 2021.
Why Bet on PEPE Price?
Despite a recent correction after its significant gains, Pepe remains a strong player in the mid-cap meme coin category. It has a fully diluted valuation of around $6.3 billion, an average daily trading volume of about $1.4 billion, and over 234,000 users.
Pepe’s success has caught the attention of major cryptocurrency exchanges, including Binance and Coinbase. In a notable move, Robinhood Crypto EU has announced a half-million Pepe airdrop, marking another step in Pepe’s growing adoption.
Thinking of joining the Pepe frenzy? Do your own research before investing!
