Pepecoin (PEPE), the 39th largest cryptocurrency by market cap, has recorded some of the largest gains in the overall crypto market, especially among meme coins. PEPE recently jumped over 60% in 24 hours and brought its weekly gains to more than 370%.
According to current CoinGecko data, PEPE was recently trading at $0.000008333 (now $0.0000316), after it pulled in gains higher than 534% in 14 days. Data also shows that PEPE’s 30-day rise has crossed 735%. In addition, PEPE has set a new trading volume record of $3.6 billion.
The rally in the crypto market extends to new assets that have also recorded impressive jumps, including the Bonsai Token (BONSAI), climbing more than 9.5% in the last 24 hours. Blastnet (BNET), an asset recently launched on the Ethereum Layer-2 network Blast, has gained an impressive 86% in 24 hours, with a trading volume of $55,660 in its first trading day. Interested investors can view a 신규 암호화폐 추천 가이드 for new cryptocurrency options like PEPE and BNET to take advantage of the ongoing crypto rally.
Established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also doing good numbers, in tandem with many others in the crypto market. For instance, CoinGecko data shows DOGE rose 24.7% in the last 7 days, while SHIB had a much bigger jump, rising over 55% in the same period. DOGE is expected to benefit from a rumored inclusion in the forthcoming X Payments. The feature is a payment system developed by X (formerly Twitter), that functions as a money transmitter for users across the United States. While there are no official specifics, speculation in January suggested that X Payments will add DOGE to payment options on the app. However, analysts believe there is only a slim chance government regulators will permit X to use DOGE.
In a message to CoinDesk, the co-founder and COO of DeFi service Blueberry Protocol, Slater Heil, explained that the rally in Bitcoin (BTC) and Ether (ETH) has caused a spillover effect in several other cryptocurrencies. While Heil predicts that investors will try to exploit the surge, he sounded a note of warning:
“Investors will take advantage of bullish conditions as much as possible, and meme coins are one way for them to do so. In the short-mid term, I expect a transition back to ‘fundamentally driven’ altcoins.”
The crypto market has recently enjoyed quite the rally, driven mainly by Bitcoin. There has been a flurry of Bitcoin activity driven by spot Bitcoin exchange-traded fund (ETF) shares trading in the crypto market. So far, these products have recorded several billion in trades, with the ETF from BlackRock recording more than $788 million in net inflow on March 5th.
In addition to the ETFs, the market is also anticipating Bitcoin’s halving event next month, which reduces miner block rewards by 50%. The scarcity borne out of this event is expected to positively affect the price of Bitcoin in the near term. These events have already inspired several bullish forecasts about the fate of the king coin. For instance, popular crypto analyst Anthony Pompliano recently told CNBC that Bitcoin has historically doubled after hitting an all-time high (ATH), suggesting a possible $138,000. Popular ‘Rich Dad Poor Dad’ author Robert Kiyosaki also predicts that Bitcoin will hit $300,000, revising a previous forecast of $100,000 by June.
