In the ongoing frenzy surrounding meme coins that have captivated the cryptocurrency market throughout 2023, PEPE has experienced a significant resurgence. After a prolonged decline from July 14 to October 3, the memecoin halted its downtrend and entered an accumulation phase. Subsequently, it embarked on a renewed bullish uptrend starting on October 20, outperforming Ethereum-based altcoin Shiba Inu (SHIB) and Elon Musk-backed Dogecoin (DOGE) by a significant margin. As a result of this uptrend, PEPE has reclaimed its position in the top 100 list of cryptocurrencies, currently ranking 96th. Bitcoin’s Surge Beyond $35,000 Sparks Market Uptrend This surge in value has been largely influenced by the market leader, Bitcoin (BTC), which surpassed the $35,000 mark on Tuesday. For many, the current uptrend is driven by anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF), which could potentially bring a new wave of capital into the market. Furthermore, Dogecoin is among the five popular meme coins influenced by Bitcoin’s rise to $35,000. Shiba Inu also experienced a 5.9% gain and is currently trading at $0.00000765, following a similar pattern to DOGE. Related Reading: Ethereum End Of Month Challenge: Can ETH Reach $2,000 Amid $21 Billion DeFi TVL? In a significant development, the dev team behind PEPE announced on X (formerly Twitter) that approximately 6.9 trillion $PEPE tokens, worth around $6,000,000, have been burned. Additionally, a new team of advisors has been brought on board to guide the future direction of Pepe. The original team is exploring using the remaining 3.79 trillion tokens, attributed to the Centralized Exchange (CEX) multi-sig wallet, for strategic partnerships and marketing opportunities. The PEPE community can expect regular updates on future token burns, movements, or uses through Twitter and the official telegram channel. PEPE Price Skyrockets By 25.83% In 24 Hours As of today, the price of Pepe (PEPE) stands at US$0.000000930549, with a 24-hour trading volume of $455,035,042.79. This represents a significant price increase of 25.83% in the last 24 hours and a 43.63% increase over the past 7 days. With a circulating supply of 420 billion PEPE, Pepe currently holds a market capitalization of $398,014,904. On the other hand, SHIB is currently priced at $0.00000739, with a 24-hour trading volume of $314,695,140.13. Over the past 24 hours, SHIB has experienced a price increase of 2.72% and a 6.04% increase over the past 7 days. With a circulating supply of 590 billion SHIB, Shiba Inu has a market capitalization of US$4,348,847,496. Related Reading: Chainlink (LINK) Surge Far From Done As Crypto Analyst Predicts Rise To $15 Meanwhile, DOGE is trading at $0.065989, with a 24-hour trading volume of $1,064,277,555.26. Over the past 24 hours, DOGE has seen a price increase of 3.02% and an 11.02% increase over the past 7 days. With a circulating supply of 140 billion DOGE, Dogecoin holds a market capitalization of US$9,327,269,145. The recent price movements and market activities of these meme coins reflect the renewed confidence and interest in the cryptocurrency market. Furthermore, these numbers solidify PEPE’s position as the standout performer in the market. Featured image from Shutterstock, chart from TradingView.com
