Over the last week, well-known meme cryptocurrencies PepeCoin and Shiba Inu have experienced substantial surges, each exhibiting increases of over 15%. These meme coins, PEPE and SHIB, have emerged as standout performers in the market during the past week, with both tokens witnessing impressive double-digit growth.
As of the current data from CoinGecko, PEPE has surged by 22.5% within the week and is currently trading at $0.00000142.
In addition, the asset has climbed by 6.9% in the last 24 hours, reaching a peak not seen in three weeks on Monday morning. The market capitalization of PEPE, which is currently slightly under $600 million, expanded by nearly $150 million throughout the week, propelling this meme coin to secure the 71st spot in the rankings.
This positive trajectory of the asset can be attributed to robust investor enthusiasm, as evidenced by a significant crypto investor purchasing 1.29 trillion PEPE tokens, totaling $1.61 million, at the beginning of the previous week.
SHIB Token Jumps Aboard the PEPE Rally Train
While SHIB’s trading performance has remained relatively stable throughout the day, the widely recognized meme coin witnessed a notable 15% surge over the past week. As of the time of writing, it is being traded at $0.00001059, which marks a decrease from its four-month peak of $0.00001119, according to CoinGecko data.
Since the beginning of the month, the asset has been on an upward trajectory, driven by the announcement from developers about integrating Self-Sovereign Identity (SSI) across all SHIB platform applications. This strategic move aims to elevate SHIB beyond its meme coin origins and establish a firm presence within the prominent decentralized finance (DeFi) sector. With a market capitalization of $6.2 billion, SHIB presently holds the 14th position in the cryptocurrency industry rankings.
Meanwhile, Bitcoin (BTC) is encountering difficulties below the $29,500 mark, achieving modest gains of 1.7% over the course of the week. Ethereum (ETH), the market’s second-largest cryptocurrency, is trading at $1,848, data from CoinGecko shows.