After an agonizing month of decline that followed PEPE’s massive May rally, the meme coin is once again on a recovery plane. This recent recovery has seen the frog-theme cryptocurrency grow more than 100% from its June lows, and investor sentiment indicates there may be more to come.
PEPE Rises Over 100% In Two Weeks
PEPE has been one the best performers in the crypto market following the wave of positive sentiment triggered by the likes of BlackRock filing for Bitcoin Spot ETFs. The meme coin has been able to reclaim a good portion of its lost value from June and continues to perform well.
Presently, PEPE is already over 100% higher than its lowest point back in June. So while other cryptocurrencies in the space have been celebrating double-figures in recovery, it is the digital asset that has given over 2x already so far.
As the meme coin continues to perform well, it is now ahead of the likes of Dogecoin (DOGE) and Shiba Inu (SHIB), both of which had followed the market rally but saw weaker performance compared to PEPE. PEPE’s rise has now rejuvenated its community, leading to speculations that the meme coin could reclaim the $1 billion market cap soon.
PEPE up 2x from June lows | Source: PEPEUSD on TradingView.com
Can The Meme Coin Reach $1 Billion Market Cap Again?
PEPE is already on another rally as the new week opens up for trading. The digital asset is already up over 15% in the last 24 hours, further solidifying its 100% rise over the last two weeks. This now puts its market cap at $699 million, making it the third-largest meme coin.
However, the digital asset is still a long way away from its $1 billion market cap which it hit back in May. For this to happen, there would have to be some significant development for the meme coin such as a listing on US-based crypto exchange Coinbase. Such an announcement would likely send PEPE on another impressive rally and a 100% move from here would see it easily surpass the $1 billion market cap.
For now, the meme coin is maintaining its hold on last week’s gains as data from Coinmarketcap shows the coin is seeing 15.69% gains already on the weekly chart. As long as bulls are able to maintain support above $0.0000017, then there is a high chance that the meme coin will continue to rally from here.
According to Coinmarketcap, PEPE is currently the number 1 trending token on the platform. Additionally, it is sitting in third place on the list of highest gainers over the last day, just behind Cleo (CELO) with 21.64% and The Graph (GRT) with 22.20%.