It seems that memecoins may be preparing for the second round of the memecoin craze.
In a week where meme-themed cryptocurrency has witnessed a surge, Pepecoin (PEPE) rides the tide with an astonishing 79% increase, outperforming other coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI), all of which also exhibited a respectable double-digit rise within the same period.
DOGE saw an upward tick of 9% in the past week, while SHIB recorded a 21% jump. FLOKI was not far behind, increasing its value by 28%, based on BitDegree data.
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The week has been eventful, with the combined market capitalization of memecoins soaring by 11% in a single day.
Much of PEPE's significant climb happened late on June 21st, likely propelled by Bitcoin's robust bullish performance when it exceeded the $30,000 mark. At the time of writing, Pepe (PEPE) retails for $0.00000146, recording a 36% price increase in the last 24 hours.
Notably, PEPE's surge wasn't just riding the coattails of Bitcoin's growth. The US-based crypto exchange Gemini also hinted at a potential listing of PEPE, creating anticipation amongst investors.
On the other hand, Shiba Inu's developers made headlines with their announcement of a novel protocol that allows physical items to be tagged as NFTs, called Shibacals. This news undoubtedly enhanced the optimism surrounding the dog-themed digital coin.
As evidence of the growing bullish sentiment, the Crypto Fear and Greed Index has registered a dramatic climb in the last couple of days, reaching a two-month high of 65.
Overall, the crypto price chart is shining bright in green. Cryptocurrencies like Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH) recorded an increase of over 3% in the last 24 hours, while Cardano (ADA), Polygon (MATIC), and Avalanche (AVAX) jumped by more than 5%.
With this recent surge in memecoins' popularity, investors are keeping a keen eye on the fluctuating crypto market, watching to see which token will be the next to ride the wave of exponential growth.
