Why Overlooked Memecoin Pepe Is Bullish Again

Pepe (PEPE) is in the top 30 cryptocurrency coins and is up by more than 12% today as it recovers from a recent drop. This could be a good opportunity

Pepe (CRYPTO: PEPE) is rallying Monday morning after lagging behind last week. The memecoin is now up 12.25% to trade at $0.00001056, adding to gains of 12% last Monday.

Over the last seven days, PEPE has slid 12.25% as it recovers from lows of $0.0000089 last Monday. Monday’s gains are also coming after a 19.33% loss last Monday.

Pepe is now up 1,062% year-to-date and has rallied 100,000% over the last five years, making it one of the best-performing cryptocurrencies in the world.

Pepe is now ranked 27th among all cryptocurrencies and has a market capitalization of $1.7 billion. This memecoin is now outperforming Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), both of which are up 9% and 10%, respectively, today.

What's Happening With Memecoins Monday

Memecoins are rallying Monday after lagging behind last week. The recent lows in cryptocurrency prices have caused investors to flock back to memecoins, which are known for their fast gains and losses.

Monday morning’s gains are coming after a recent announcement from Coinbase (NASDAQ:COIN) that it will be listing Bonk (CRYPTO: BONK). The Solana-based memecoin has rallied more than 1,000% since the news.

Several other memecoins, including Floki Inu (CRYPTO: FLOKI) and Tamadoge (CRYPTO: TAMADOGE), are also rallying Monday morning. DOGE and SHIB are both lagging behind.

Why It Matters Memecoins, like Pepe, are a class of cryptocurrencies that have gained popularity thanks to their association with internet memes.

These coins are typically created quickly and have little to no use case, which makes them highly speculative and volatile. However, memecoins have also been known to generate massive gains, which has attracted a large following of retail investors.

Pepe is one of the original memecoins, having been created in 2016. The coin is named after the popular Pepe the Frog meme and has a total supply of 500 quadrillion tokens.

Pepe is burned periodically, which helps the coin maintain its high market value even during periods of low trading volume.