The meme coin ecosystem showcases intriguing trends, with PEPE also entering the spotlight. Per data from CoinMarketCap, PEPE is up 5.27% in the past 24 hours to $0.00000964 as it moves to clear one zero.
Why PEPE renaissance?
PEPE is a mysterious meme coin; considering the token has no direct use case but is on a continuous growth trend, it has captured the attention of even the most critical analysts.
PEPE 1D Chart. Source: CoinMarketCap
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The token’s key metrics, including the trading volume, tell a different story. Up by 3.6% at the time of writing, PEPE's volume is almost $1 billion, a clear sign of intense optimism and adoption.
Despite no intrinsic value, PEPE has commanded a dedicated community that has been helping to push its price forward. After touching a low of $0.000006492 in the past month, PEPE has recorded a steady surge, gradually paring off its losses over the past eight weeks.
At the current price mark, PEPE is down 47% from its all-time high (ATH) of $0.00001718. While retesting this level appears far-fetched, PEPE appears in tune to clear one zero and hit at least $0.00001 in the coming days.
Meme coins redefining trends
PEPE entered the spotlight because it took on the meme coin ecosystem with a different approach, branding itself with a green-themed frog.
This uniqueness has helped it gain a massive community of loyalists within the Ethereum ecosystem. From constant whale accumulation to riding the trend with the mainstream market, PEPE has carved a shockingly sustainable path for itself.
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Unlike Shiba Inu, its closest rival, which has unveiled plans to launch a stablecoin — SHI — in the fight for dominance in the long term, analysts believe SHIB might stand the test of time, considering the growing number of utilities it is introducing.
Whether the developers behind PEPE make a similar pivot in the long term remains to be seen; for now, most of its investors are relishing the price uptick.
