Pepe (PEPE) meme coin has seen a 65% surge in trading volume over the past 24 hours, surpassing Bonk (BONK) as the third-largest meme coin by market capitalization.
The surge has also led to over 90% increase in trading volume to over $1.40 billion. This performance aligns with a broader rally altcoins, especially meme coins. These meme coins have collectively achieved an average gain of 10% in the past 24 hours, reflecting growing interest across various networks.
Likewise, the resurgence of meme coins coincides with the overall crypto market’s recovery, influenced by Bitcoin’s (BTC) recent rally to surpass the $61,000 mark.
In addition, this momentum has sparked renewed enthusiasm across the meme coin community, with tokens such as Floki Inu (FLOKI) and Dogwifhat (WIF) witnessing over 40% gains.
Besides, on-chain metrics also revealed a resurgence in the token’s popularity, with the number of PEPE addresses growing from 155,735 to over 157,600 in just three days.
Note that the growth is partly attributed to significant buying activities by large accounts and the token’s recent addition to platforms like Robinhood crypto in select EU jurisdictions. Binance exchange’s promotion of Pepe memecoin, featuring a 700,000 PEPE giveaway, has further fueled interest.
The rally extends beyond PEPE, with other meme coins like GROK and LADYS surging by over 25% and 22% respectively over the past day.
On the other hand, the pioneering memecoin Dogecoin (DOGE) recorded around 14% increase, while Shiba Inu (SHIB) and Bonk (BONK) closely trailed with gains of around 10% each.
Lastly, the entry of institutional money, particularly the new Bitcoin exchange-traded futures (ETFs), has played a crucial role in revitalizing the crypto market.
