U.Today - Pepe (PEPE), the frog-themed meme cryptocurrency, has seen a 12% surge in the last 24 hours, according to data provided by coin ranking site .
In what appears to be a sign of newly found momentum, the meme coin has managed to outpace BNB's 24-hour trading volume.
Its market cap currently stands at $720 million, a far cry from the $1.8 billion milestone. The meme coin is down more than 60% from its all-time high of $0.00000431, which was recorded on May 5.
Despite the significant correction, Pepe has established its dominance in the world of cryptocurrencies, rapidly transforming into the new viral meme coin.
The meme-based coin was launched earlier this year by an anonymous group of developers. Their website is full of internet in-jokes, setting a humorous tone for the project. The developers insist that Pepe is simply for entertainment, which means that it has no intrinsic value (and its holders are not ashamed of admitting this).
Pepe's rise in the crypto market has been nothing short of extraordinary. According to data from the crypto research group Messari, the number of recorded blockchain holders surpassed 100,000 in just 22 days after its launch. This growth outpaced that of other meme coins such as Shiba Inu.
Pepe's strong presence in the market can also be attributed to the adoption of the coin by major global exchanges. As , Bittrex Global listed Pepe on its platform, which increased the coin's exposure in the market. Additionally, other renowned exchanges, including Kraken and Binance, have listed the digital token.
Meanwhile, Coinbase (NASDAQ:COIN) Global allows purchases of Pepe with Ether tokens via Coinbase Wallet, a decentralized token-swapping platform. However, the largest U.S. exchange is yet to list PEPE.