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In: Cryptocurrency

Pepe Coin (PEPE) is the meme coin that is on everyone’s lips after recording a massive run. The meme coin is only two weeks old at this point but it has been able to mint a good number of millionaires and has continued to exceed expectations. This time around, PEPE has come for some of the largest meme coins in the space, outperforming them in both price and market caps.

PEPE Becomes Third-Largest Meme Coin

Over the weekend, PEPE saw a drawdown that sparked speculation that the meme coin’s run was finally coming to an end. However, all of this changed on Sunday when the digital asset began to move upward once more. By Monday morning, the cryptocurrency had recovered all of its weekend losses and some, reaching a new all-time high in the process.

With PEPE’s move above the $0.000001 price level, its market cap finally crossed the half-a-billion market cap. Its current market cap of just below $600 million has now made it the third-largest meme coin in the market, only ranking behind OGs such as Dogecoin (DOGE) and Shiba Inu (SHIB) at this point.

PEPE is now third-largest meme coin by market cap | Source: CoinGecko

As such, the meme coin is now larger than some of its predecessors including Floki Inu (FLOKI), Baby Dogecoin (BABYDOGE), and Dogelon Mars (ELON). However, it is still well below the market cap of SHIB which is at $5.9 billion and Dogecoin sitting at $10.9 billion.

Outperforming The Market

PEPE’s weekend rally has seen it outperforming even the largest cryptocurrencies in the space. The coin’s price is already up over 120% in the last day alone with rapid growth of more than 300% over the last week.

The coin is clearly outperforming the likes of Dogecoin and Shiba Inu, both of which are seeing losses on both the 24-hour and the 7-day chart. It is also outperforming the likes of Bitcoin and Ethereum as the broader crypto market continues to decline.

Pepe Coin (PEPE) price chart from TradingView.com

PEPE rises over 100% in 24 hours | Source: PEPEUSDT on TradingView.com

Furthermore, over 15,000 new holders were added to the PEPE community during the weekend. This brings the total holder base to 65,298 at the time of writing, and more than 420,000 transfers already executed on its smart contract since inception.

The meme coin is currently listed on exchanges such as Huobi, MEXC, OKX, and Gate.io, with its cumulative 24-hour trading volume climbing above $287 million.

Above all else, participants in the space continue to be amazed by the returns of early investors of PEPE. One of the largest holders of the coin, dimethyltryptamine.eth, spent a total of 0.125 ETH in the early days and their stash is currently worth $5.3 million after selling over $1 million worth of the token.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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