The frog-themed memecoin, Pepe ($PEPE) has achieved a significant milestone by overtaking Uniswap’s token ($UNI) in market capitalization. According to CoinMarketCap data, Pepe’s market cap soared to over $11 billion on December 7th, 2024, surpassing UNI’s $10.6 billion. Having seen staggering growth throughout the year, this milestone marks a record high for the memecoin.
Pepe’s success highlights the growing influence of memecoins in the cryptocurrency market. As of now, the token has experienced a 16.8% surge in the last 24 hours and an impressive 26% gain over the past week. Because Pepe’s market capitalization was approximately $591 million at the start of 2024, it shows the memecoin has grown nearly 18 times to hit its current level. This impressive growth is perhaps the reason related coin Wall Street Pepe is one of the best meme coins to buy right now. This coin is “on a mission to defeat whales who mold the crypto market to their advantage by providing trading insights to one and all. It aims to achieve this by creating a ‘frog army’ that out-smarts and out-trades the insiders and whales.” It has raised over $4 million USDT since its launch, so it is certainly one to watch in 2025.
Pepe’s Historic Rally and Price Action
Launched in 2023, Pepe quickly emerged as a formidable competitor in the memecoin sector, following in the footsteps of Shiba Inu and Dogecoin. Despite its self-proclaimed lack of intrinsic value, the coin has become a go-to for traders and investors seeking fast gains. Solidifying its place as one of the most significant success stories in the memecoin market, Pepe has delivered a remarkable 7,000% return since its launch.
Pepe’s performance in 2024 has been particularly noteworthy. After months of price stagnation, the token began a strong rally in September, gaining 30% in just one week. However, the momentum briefly stalled in early November, leading to a temporary retracement. It was not until late November that Pepe kicked off a historic upward trend, reaching its all-time high in December.
The memecoin’s explosive growth has been fueled by strong speculative interest and community-driven hype. Binance.US further boosted Pepe’s visibility by listing the token on December 5, reflecting its growing popularity among retail investors.
Pepe’s meteoric rise highlights the growing appetite for memecoins as part of the broader crypto market. The token’s success mirrors a larger trend within the digital asset space, where community culture and viral appeal are redefining value creation.
Pepe’s maximum supply of 420 trillion tokens, all of which are already in circulation, has not deterred investors. Instead, its accessibility and high community engagement have made it a top choice for market speculators. The token now ranks among the top 25 cryptocurrencies by market cap, solidifying its position as a major player in the sector.
Memecoins as a whole are experiencing significant growth. The total market capitalization of meme-based tokens climbed over $140 billion as of early December 2024, with leading coins like Dogecoin and Shiba Inu also posting gains, reflecting the ongoing investor enthusiasm for these quirky assets.
What Is Driving Pepe’s Success?
Pepe’s rise is driven by several factors, including its viral appeal and the speculative nature of the cryptocurrency market. Memecoins, often rooted in internet culture, attract a unique demographic of investors who value community participation and rapid gains over utility.
The resurgence of memecoins in 2024 aligns with the broader crypto bull market, where traders are increasingly drawn to high-risk, high-reward opportunities. Pepe’s success story is a testament to the unpredictable nature of the cryptocurrency sector and the potential for niche tokens to achieve mainstream recognition.
With its current momentum, Pepe continues to capture the attention of crypto enthusiasts, cementing its place among the most prominent memecoins in the market.
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