Pepe (PEPE) has continued its incredible run in the past 24 hours, rising another 46% to hit $0.0000020. The surge in PEPE’s value coincides with bullish momentum in the broader meme coin space. Most major tokens post sizable gains. Adding to the excitement, a new meme coin, Frog Wif Hat (FWIF), made a splash yesterday with a successful debut on Uniswap. Moreover, the asset is already being touted as the next low-cap token with explosive potential.
PEPE Price Continues Rising After Binance Promotion Prompts Demand
PEPE is extending its winning streak, closing in the green for three consecutive days and reaching its highest price since May 2023.
This bullish momentum highlights the massive resurgence of interest in PEPE, with spot volumes for the token rocketing by 374%.
As a result, PEPE has been crowned the most-traded meme coin over the past 24 hours.
The primary catalyst behind PEPE’s price surge has been Binance’s new Simple Earn promotion for the token, offering attractive rewards that are drawing investor interest.
Since the promotion was announced on Friday, PEPE’s price is up a whopping 69% – breaking past key resistance levels at $0.0000014 and $0.00000165 in the process.
However, some traders now believe PEPE’s rally might be overextended and due for a pullback.
Should PEPE’s momentum cool off, a potential downside target could be the $0.00000188 level, which investors will be hoping acts as a base for the token’s next leg up.
Meme Coin Mania Returns as DOGE, SHIB, & Others Surge
It’s not just PEPE that’s enjoying a revival.
The broader meme coin market is experiencing a wave of bullish activity, with most established players seeing gains.
Dogecoin (DOGE), the world’s largest meme coin by market cap, is up over 7% in the past 24 hours. Meanwhile, Shiba Inu (SHIB) is up 6%.
Solana-based meme coins like Bonk (BONK) and Dogwifhat (WIF) have also seen sizable growth. Furthermore the latter surged 45% since yesterday.
The gains seen throughout the meme coin market have pushed its total valuation to $24.3 billion, with $3.1 billion in spot trading volume.
There hasn’t been a clear catalyst for this broad momentum, although some traders on social media speculate that it could be a ripple effect from PEPE’s price pump.
The renewed interest in PEPE seems to have reawakened meme coin investors, leading them to explore other tokens.
Frog Wif Hat Explodes After Uniswap Listing as Retail Investors Pile In
While most established meme coins are thriving, one brand-new token has also had a successful 24 hours.
Frog Wif Hat (FWIF), an Ethereum-based token with a hilarious French theme, had a fair launch on Uniswap yesterday, where all 1 billion tokens were made available to investors.
Within seven hours, FWIF’s value had surged over 800%, hitting a high of $0.0045.
Although the token’s price has pulled back from last night’s peak, FWIF has a market cap of $1.6 million. Moreover, the project has completed more than 7,500 transactions already.
All of this has occurred in less than 24 hours.
FWIF is now trading around the $0.0016 level and has managed to find a price floor in recent hours.
As such, there’s a growing belief in the Frog Wif Hat Telegram community that the token could be gearing up for another surge today or later in the week.
Like many new meme coins, Frog Wif Hat has benefitted from enormous speculative hype in its initial hours.
However, the developers are looking to sustain this interest long-term. They aim to do this by boosting trust through a locked liquidity setup – meaning there’s no chance of a rug pull.
Additionally, there’s no transaction tax, and the developers have revoked their minting privileges.
With PEPE rising and the wider meme coin market also seeing strong growth, the timing looks perfect for Frog Wif Hat to continue its impressive early momentum in the days ahead.
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