Pepe Memecoin Rockets to New Heights with Record-Breaking Surge

Pepe, one of the most popular memecoins in the crypto market, has seen some significant gains this year, and the bullish trend seems to continue

Pepe’s valuation now stands at around $10.3 billion, marking a significant milestone.

The popular altcoin made a remarkable 14.8% gain over the past 24 hours, alongside a 21% increase over the last week. At the start of 2024, Pepe’s market cap was a modest $591 million. By December 5, it had briefly soared past $11 billion, a staggering 18x growth within the year. This meteoric rise cements Pepe’s position among the top-performing cryptocurrencies of the year.

Initially launched in 2023, Pepe drew inspiration from the internet-famous cartoon frog created by Matt Furie in 2005. However, the memecoin has no connection to Furie or the original “Boys Club” series that birthed the character. With no inherent utility, Pepe has still managed to capture the attention of traders, joining the ranks of other iconic memecoins like Dogecoin and Shiba Inu.

Since its inception, Pepe has seen exponential growth, boasting a 7,000% increase in value. After a quiet period of consolidation earlier in the year, Pepe began gaining traction again in September 2024, with a 30% rally over a single week. However, it faced a setback in early November, losing some of those gains.

October was a month of steady consolidation before the token launched into a dramatic rally in November, eventually surpassing its previous high. The frenzy surrounding Pepe reached new heights with Binance.US listing the token on December 5, highlighting the enduring appeal of memecoins in the current market climate.