Pepe Memecoin Hits $11 Billion Market Cap, Surpassing Uniswap

Pepe ($PEPE), the frog-themed memecoin, has achieved a significant milestone, overtaking Uniswap’s token ($UNI) in market capitalization. As of December 7, 2024, Pepe boasts a market cap exceeding $11 billion, compared to Uniswap’s $10.6 billion.

This represents a staggering 18x growth from its $591 million market cap at the beginning of the year.

According to CoinMarketCap, Pepe gained 16.8% in the last 24 hours and is up 26% over the past week, reaching a new all-time high. Launched in 2023, Pepe has quickly risen to become one of the top 20 cryptocurrencies by market cap, challenging established memecoins like Dogecoin ($DOGE) and Shiba Inu ($SHIB).

Historic Rally and Price Action

Pepe’s remarkable rally began in September 2024 after months of consolidation and downward price action. The memecoin gained 30% in one week during late September, only to retrace those gains in early November. However, it began a historic surge in November, culminating in its current all-time high.

The token’s popularity among speculators and retail investors led to a Binance.US listing on December 5, further boosting its adoption. Pepe’s success aligns with the ongoing interest in memecoins, which have become a dominant narrative in this market cycle.

Pepe’s Meteoric Rise: By the Numbers

Pepe’s growth story is marked by impressive statistics:

• Supply and Circulation: Pepe has a maximum supply of 420 trillion tokens, all of which are already in circulation.
• Year-to-Date Performance: Since January 2024, Pepe’s market cap has grown by approximately 1,800%, reflecting its appeal to memecoin enthusiasts.
• Gains Since Launch: Since its 2023 debut, Pepe has delivered gains exceeding 7,000%, securing its position as a favorite among speculative investors.

This performance has pushed Pepe into the ranks of top cryptocurrencies, making it a formidable competitor to longstanding memecoins like Dogecoin and Shiba Inu.

Conclusion

Pepe’s rise to prominence demonstrates the staying power of memecoins in the cryptocurrency market. With an $11 billion market cap and a top 20 ranking, Pepe has cemented its status as a significant player in the crypto space.

As memecoins continue to dominate investor narratives, Pepe’s performance highlights the potential for rapid growth in this speculative asset class, even as questions about long-term sustainability remain. For now, Pepe’s historic rally is a testament to its strong market appeal and investor enthusiasm.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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