Originally published on: December 07, 2024
Pepe memecoin has made waves in the cryptocurrency market by overtaking Uniswap’s token UNI in terms of market capitalization. This frog-themed memecoin now boasts a market cap of over $11 billion, surpassing UNI’s market cap of around $10.6 billion and reaching a new all-time high.
According to data from CoinMarketCap, Pepe has surged approximately 16.8% in the past 24 hours and has seen a growth of roughly 26% over the past seven days.
At the beginning of the year, Pepe had a market cap of only $591 million. Since then, it has experienced exponential growth, briefly hitting a market cap of $11 billion on Dec. 5. This represents an impressive 18x increase since the beginning of the year.
Launched in 2023 in the wake of the success of other memecoins like Dogecoin and Shiba Inu, Pepe has become a favorite among memecoin traders despite openly claiming to have “no intrinsic value.”
Pepe pays homage to a cartoon frog created by comic book artist Matt Furie in 2005, but the project is not affiliated with Furie or the original “Boys Club” series. Since its inception, Pepe has become a strong competitor to established memecoins like DOGE, with gains exceeding 7,000%.
After a period of consolidation, Pepe began a significant rally in November that led to its current record high. The memecoin’s popularity among traders and investors prompted its listing on Binance.US on Dec. 5, further solidifying its position in the market.
While this article does not offer investment advice, it is clear that Pepe memecoin’s recent surge is indicative of the growing influence of memecoins in the cryptocurrency market. Stay updated on the latest trends by subscribing to our Markets Outlook newsletter for valuable insights every Monday.