Pepe leads memecoin rally with blistering 118% surge over 48 hours

Fashionable memecoin Pepe surged 118% over the previous two days to hit a 10-month excessive on Feb. 27.

The memecoin was buying and selling at $0.0000026, up 58% over 24 hours, as of press time. The token hit a excessive of $0.0000029 earlier than giving up a few of the positive aspects during the last two hours, primarily based on CryptoSlate data.

Pepe’s market cap presently stands above $1 billion, with a 24-hour buying and selling quantity of $1.38 billion — up 480% over the previous day.

Memecoins are one of many prime sectors on CryptoSlate in the present day, exhibiting 11.8% in 24 hours and 16.91% in weekly positive aspects.

Coinglass data exhibits the rally precipitated nearly $4.4 million in shorts to be liquidated over the previous 24 hours.

Market Momentum

Pepe Coin’s journey to a 10-month excessive was bolstered by the crypto market’s total restoration momentum over the previous two days, which noticed a number of digital belongings obtain a big uplift as Bitcoin reclaimed value ranges final seen in 2021.

Pepe’s OI-Weighted Funding Rate noticed a big uptick, transferring from 0.0169% to 0.12%, indicating a bullish sentiment amongst merchants. The funding price has since retreated to 0.06% amid the retracement.

Nonetheless, the rise nonetheless suggests a rising willingness to pay extra for holding lengthy positions, with expectations of upper future costs.

Bitcoin’s latest rally has benefitted Pepe and led to elevated curiosity and funding in different memecoins, indicating a renewed enthusiasm for these area of interest digital belongings.

Memecoin frenzy

Fashionable memecoin Floki Inu (FLOKI) and lately launched Dogwifhat (WIF) have been up over 30% over the previous 24 hours, with the latter surging nearly 60% earlier than a retracement.

GROK and LADYS additionally recorded positive aspects of twenty-two% and 19.9% over the previous day, whereas different small-cap memecoins like Akita Inu and SNEK additionally posted related positive aspects.

In the meantime, the unique memecoin DOGE was up roughly 12% over the identical interval, whereas SHIB and BONK adopted shut behind with an roughly 10% rise.

Google developments information exhibits that retail curiosity in crypto is resurging, with crypto-related searches up greater than 200% throughout the board.

The resurging curiosity is bolstered by the introduction of institutional cash within the trade by means of the latest launch of spot Bitcoin ETFs by TradFi giants like BlackRock. The record-breaking performance of the Newborn Nine ETFs is forcing funding managers to rethink their stance towards crypto.