The price of Pepe (PEPE) is showing a significant surge, rising more than 15% in just 24 hours. The rally was largely driven by a significant investment from former BitMEX CEO Arthur Hayes.

The rise follows a general uptick in the memecoin market, with PEPE joining other rising tokens such as dogwifhat and Sei.

As of now, PEPE is trading at $0.00001047, having hit an intraday high of $0.00001071, effectively erasing a zero from the price. PEPE’s trading volume also surged by 34% to over $1.3 billion.

The surge in prices pushed PEPE’s market value to $4.4 billion, making it one of the largest gainers among the top 100 cryptocurrencies by market cap, second only to Wormhole (W), which rose 17%.

The memecoin market is hot, and other well-known currencies such as Floki (FLOKI) and Shiba Inu (SHIB) have also risen by 14% and 13% respectively. Analysts including Rekt Capital pointed out that PEPE has successfully broken out of the downward trend, showing the potential for further growth.

Arthur Hayes not only increased his stake in decentralized gaming and artificial intelligence platform Aethir (ATH), but also invested $250,000 in PEPE through Binance.

The article is for reference only and does not constitute investment advice.