Frog-themed memecoin Pepe (CRYPTO: PEPE) proved to be one of the outliers of the cryptocurrency market Sunday, notching up steady gains when the broader market hardly moved.
What Happened: The third-largest memecoin in market cap rose more than 7% in the last 24 hours, reversing the corrective action from last week.
The Ethereum (CRYPTO: ETH)-based cryptocurrency was also the most-traded meme token in the last 24 hours, eclipsing bigwigs like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB)
Since hitting an all-time high of $0.0000167 in the last week of May, the memecoin has endured significant selling pressure, tumbling 23% as of this publication.
Despite this, many market participants remained hopeful about the coin’s potential. A well-known cryptocurrency analyst, Max, slammed critics who were bearish on PEPE, asking them to focus on the coin's longer timeframe.
Why It Matters: PEPE has been one of the success stories of 2024, with a staggering 10X jump year-to-date.
The exponential growth has boosted the fortunes of the coin holders, with one particular investor becoming a millionaire in less than six months.
In the last 24 hours, the PEPE holdings of long-term investors rose 0.02%, indicating expectation of further growth in the days ahead.
Price Action: At the time of writing, PEPE was exchanging hands at $0.00001283, following a 7.51% spike in the last 24 hours, according to data from Benzinga Pro.
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