Continuing its meteoric rise amid a burgeoning meme coin market in 2024, Pepe (PEPE) has ascended to a new all-time high on its way to becoming the 24th largest cryptocurrency by market cap, according to CoinGecko. Now, all eyes are on its potential to flip Shiba Inu (SHIB) and Dogecoin (DOGE) to lead the meme coin sector.
The digital asset is up more than 35% over the last 24 hours as it continues to surge in value. Moreover, those gains extend to the last month, where it has skyrocketed by more than 118%. Subsequently, the offering has firmly become the third most prominent meme coin, but that could be set to change.
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Pepe Sets All-Time Mark Amid Recent Rally
Throughout this year, the digital asset market has seen meme coins and ETFs as a massive part of its discourse. In March, the sector saw meme coin mania take over the entire industry, with newcomers like Dogwifhat (WIF) and Book of Meme (BOME) exploding in value.
However, May has seen one meme coin ascend to rarified air. Specifically, PEPE has rallied to reach an all-time high, officially becoming the 24th largest cryptocurrency by market. The meme coin has also fairly entrenched itself into its top 3, according to CoinMarketCap.
However, all eyes are now on its potential to continue gaining. The massive surge has many experts forecasting it to possibly usurp Dogecoin (DOGE) and Shiba Inu (SHIB) atop the entire market.
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Currently, Pepe is $10 billion behind SHIB and $19 billion behind the top spot. Although the discrepancy is large, PEPE’s market cap has increased by 33% in the last day, indicating its potential to continue growing.
PEPE, an Ethereum-based meme coin, has noted a massive surge in value amid Ethereum ETF discussions. The US Securities and Exchange Commission (SEC) suddenly changed its tune on the investment vehicle on Tuesday. Furthermore, Bloomberg increased the odds of approval from 25% to 75%.
The development has all but assured that Ethereum will receive its very own Spot ETF. Subsequently, PEPE and other meme coins have seen their value surge over the last 24 hours. The continued speculation and eventual approval should only further increase the meme coin’s gains. Thereby asserting its ability to contend for the spot atop the meme coin market.