Benzinga - Pepe Coin (CRYPTO: PEPE), a budding meme-based cryptocurrency, has taken the market by surprise with a 12% surge in value over the past 24 hours, outpacing gains made by other meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened
DOGE and SHIB experienced marginal gains of 1.85% and 1.65% respectively. At the time of writing, PEPE was trading at $0.0000008162.The surge could be attributed to various factors, including a short squeeze, where investors with short positions are forced to buy back the coin, thereby propelling its value higher.
This upward price momentum in the cryptocurrency market extends beyond Pepe Coin alone. Bitcoin (CRYPTO: BTC) , Ethereum (CRYPTO: ETH), and altcoins have recently experienced a notable rally, witnessing a surge in investor interest and market value.
Valkyrie Investments, a Nashville-based firm, has added fuel to the overall market excitement by becoming the first among nine ETF issuers to secure approval from the Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that enables investors to speculate on the future price of Ethereum.
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Can Pepe Reach $1?
Pepe Coin, which has yet to surpass the $0.01 mark, finds itself in a prolonged journey towards attaining even a single cent.With a supply of 420 trillion PEPE coins, a hypothetical rise to $1 per coin would result in a staggering market capitalization of $420 trillion. This mind-boggling figure dwarfs the coin’s current market capitalization of $318 million, making it a difficult feat to achieve.
Photo by dCrypto on Shutterstock
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