After a agonizing month of decline that followed PEPE’s massive rally in May, the meme currency is once again on the rebound. This latest rally has seen the toad-themed cryptocurrency grow by more than 100% from its June lows, and investor sentiment indicates that there could be more to come.
PEPE rises more than 100% in two weeks
PEPE has been one of the top performers in the crypto market after the wave of positive sentiment generated by the likes of BlackRock depositing Bitcoin Spot ETFs. The meme coin has managed to recover a significant portion of its lost value from June and continues to perform well.
At the moment, PEPE has already passed more than 100% of its lowest point in June. So while other cryptocurrencies in the space are celebrating double digits in recovery, it is the digital asset that has given more than 2x already so far.
While the meme coin continues to perform well, it is now ahead of the likes of Dogecoin (DOGE) and Shiba Inu (SHIB), both of which continued the market rally but saw a weaker performance compared to PEPE. PEPE’s rise has now rejuvenated its community, leading to speculation that the meme coin could soon recapture the $1 billion market cap.
PEPE up 2x from June lows | Source: PEPEUSD on TradingView.com
Can the meme coin reach $1 billion in market cap again?
PEPE has already started another rally as the new trading week opens. The digital asset is already up more than 15% in the past 24 hours, consolidating its 100% rally over the past two weeks. This now puts its market cap at $699 million, making it the third largest meme coin.
However, the digital asset is still far from its $1 billion market cap it hit back in May. For this to happen, there would have to be some significant development for the meme coin such as listing on the US-based cryptocurrency exchange Coinbase. Such an announcement would likely send PEPE another impressive rally, and a 100% move from here would easily pass its $1 billion market cap.
At the moment, the meme coin is holding onto last week’s gains as data from Coinmarketcap shows that the coin is seeing gains of 15.69% already on the weekly chart. As long as the bulls are able to hold the support above $0.0000017, there is a high probability that the meme coin will continue higher from here.
According to Coinmarketcap, PEPE is currently the #1 token on the platform. Additionally, it ranks third in the list top gainers Over the past day, it trailed Cleo (CELO) by 21.64% and The Graph (GRT) by 22.20%.
