Ethereum-based memecoin PEPE hit a record high on May 14, peaking at $0.0000110.
Though it slightly dipped to $0.0000109 at the time of writing, market sentiment remains bullish.
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PEPE's market capitalization has now climbed to $4.5 billion, securing its place as the 25th largest cryptocurrency. That is accompanied by a 261% surge in trading volume in the last 24 hours, making PEPE the most actively traded memecoin and surpassing Dogecoin (DOGE).
This increase in activity may be linked to the reappearance of Keith Gill, a trader known as "Roaring Kitty," who fueled the 2021 Gamestop short squeeze. That was an event when retail investors drove up the stock price of video game retailer GameStop, causing losses for hedge funds that had shorted the stock.
Him posting on X for the first time in three years has sparked speculation about another meme stock rally. Notably, the Gamestop-inspired memecoin GME saw its trading volume jump by 293% in the past 24 hours, ranking it the 8th most traded memecoin.
The overall memecoin market is also seeing a bullish trend, with its market capitalization increasing by nearly 4% to $54.1 billion at the time of writing. Trading volumes across the board have soared nearly 137% to $10.6 billion.
As this mania grips the market, memecoins can ride the wave of enthusiasm and potentially see significant gains in the future.
In other related news, a Solana trader has recently managed to capitalize on the volatility of meme-themed tokens and secured $23 million in profits.
