PEPE set a new record by reaching a price of $0.0000110.
At the time of writing, the price of PEPE coin has dropped slightly to $0.0000104, but the situation is still very positive.
The token's market capitalization has now reached $4.3 billion; making PEPE the 23rd largest cryptocurrency in the world.
PEPE's spot trading volume also increased by 300% to $2.6 billion in the last 24 hours.
This makes PEPE the most traded meme coin at the moment, surpassing even the trading volume of Dogecoin (DOGE).
As investors rushed to bet on PEPE, the open interest increased significantly to $116 million.
PEPE's sudden price surge could be linked to the return of "Roaring Kitty," the legendary trader in the short squeeze - shorting GameStop's stock price in 2021.
Roaring Kitty's cryptic new Twitter post has people questioning another meme stock rally that could be on the way.
This excitement has spread to the meme coin market, with PEPE currently leading the market.