Pepe’s (PEPE) price has seen a remarkable surge, climbing over 15% in just 24 hours, largely fueled by a significant investment from Arthur Hayes, the former CEO of BitMEX.
This uptick comes on the heels of a broader rally in the meme coin market, with PEPE joining the ranks of other rising tokens like dogwifhat and Sei.
As of now, PEPE is trading at $0.00001047, having briefly reached an intraday high of $0.00001071, effectively eliminating one zero from its price. The trading volume for PEPE has also seen a substantial increase of 34%, surpassing $1.3 billion.
This surge in value has propelled PEPE’s market cap to $4.4 billion, making it one of the top gainers among the 100 largest cryptocurrencies by market cap, trailing only Wormhole (W), which rose by 17%.
The meme coin scene is buzzing, with other notable coins like Floki (FLOKI) and Shiba Inu (SHIB) also experiencing gains of 14% and 13%, respectively. Analysts, including Rekt Capital, have noted that PEPE has successfully broken its downtrend, indicating a potential for further growth.
Arthur Hayes has not only increased his stake in Aethir (ATH), a decentralized platform for gaming and AI, but has also made a $250,000 investment in PEPE through Binance.
His interest in the meme coin, along with other tokens like Mother Iggy (MOTHER) and Mog Coin (MOG), highlights the growing momentum in the meme coin market as traders speculate on continued upward trends.
