The meme-inspired cryptocurrency PEPE has experienced a surge of nearly 40% in its price over the past 24 hours, positioning it ahead of its competitors, Dogecoin (DOGE) and Shiba Inu (SHIB), in the midst of a broader recovery in the cryptocurrency market.
PEPE’s Outperformance
While PEPE has soared by double digits, Shiba Inu witnessed an 8.5% price increase, and Dogecoin saw a 6.5% uptick. The reasons behind PEPE’s exceptional outperformance during the crypto market recovery remain unclear.
However, the rally in cryptocurrency prices coincided with the news of major financial institutions, such as BlackRock, Invesco, WisdomTree, and Deutsche Bank, submitting applications for spot Bitcoin exchange-traded funds (ETFs) and digital asset custody licenses.
Growing Investor Interest
Ethereum blockchain data indicates that over 119,600 unique addresses currently hold PEPE, suggesting a significant surge in token holders since the start of June.
PEPE, a popular meme coin inspired by the infamous Pepe the Frog meme and cartoon character, made its entry into the market on April 17, 2023.
Despite concerns surrounding the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has witnessed a remarkable boom. As a result, it has now become one of the top 100 digital assets, gaining multiple centralized exchange listings.
