Pepe (PEPE) continues its meteoric rise in the booming memecoin market in 2024, having risen to a new all-time high to become the 24th largest cryptocurrency by market cap, according to CoinGecko. Now, all eyes are on its potential to overtake Shiba Inu (SHIB) and Dogecoin (DOGE) to lead the memecoin space.

The digital asset is up more than 35% in the past 24 hours as the value continues to surge. Moreover, these gains have continued into the last month, with a gain of more than 118%. Subsequently, the product has become the third most prominent memecoin, but this may change.

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Pepe hits all-time high in recent rally

Throughout this year, the digital asset market has made memecoins and ETFs a big part of its discourse. In March, the industry saw memecoin mania sweeping the industry, with newcomers such as Dogwifhat (WIF) and Book of Meme (BOME) exploding in value.

However, May has seen one memecoin rise to rare air. Specifically, PEPE has rebounded to new all-time highs, officially becoming the market’s 24th largest cryptocurrency. The memecoin is also fairly firmly in the top 3, according to CoinMarketCap.

However, all eyes are now on its potential to continue rising. Many experts predict that such a massive surge could usurp the position of Dogecoin (DOGE) and Shiba Inucoin (SHIB) in the overall market.

Currently, Pepe is $10 billion behind SHIB and $19 billion behind the top. Despite the large difference, PEPE's market value has increased by 33% in the past day, indicating its potential to continue to grow.

PEPE, an Ethereum-based memecoin, has seen a massive surge in value amid Ethereum ETF discussions. The U.S. Securities and Exchange Commission (SEC) abruptly changed its mind about the investment vehicle on Tuesday. Additionally, Bloomberg raised the approval rate from 25% to 75%.

This development all but ensures that Ethereum will get its own spot ETF. Subsequently, the value of PEPE and other memecoins has surged in the past 24 hours. Continued speculation and eventual approval will only further increase the gains of memecoins. Thus asserting its ability to grab a place in the memecoin market.

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