On the Rise: Chinese Pepe Coin Increases Over 50% in Just 24 Hours
It's no secret that China is known for creating copies of Western products. Now, the Chinese have applied this to memecoins, creating PEIPEI, a local version of the famous Pepecoin (PEPE).
Interestingly, the memecoin benefited from a decrease in Bitcoin (BTC) selling pressure and experienced a significant surge. According to CoinGecko, the price of PEIPEI increased by 50% in the past 24 hours, standing out in the market. However, the memecoin is still relatively unknown within the market.
PEIPEI on the Rise
With the cryptocurrency market showing signs of stability, PEIPEI demonstrated resilience but faced a dry spell in buying pressure. This led to a consolidation phase observed across the market. However, this week has been particularly favorable for PeiPei, following an 11.14% gain on Monday.
While the price momentum slowed, PEIPEI maintained a gain of 9.89%, continuing to accumulate strong valuations. The market value of the memecoin reached $119 million, making it the 300th largest cryptocurrency. Most notably, the memecoin recorded the highest daily gain among the Top 500.
Amidst the rise, PeiPei's social volume saw a notable increase. The token has now secured a place among the most popular assets on CoinMarketCap, CoinGecko, and the cryptocurrency exchange Crypto.com. This contributed to a 65.76% increase in 24-hour volume, reaching $190.06 million, indicating a rise in interest.
This memecoin offers a staking platform, instant transactions, and a Layer 2 blockchain that operates across multiple networks.
