The meme-inspired cryptocurrency Pepe (PEPE) has displayed superior performance when compared to its counterparts like Shiba Inu (SHIB) and Dogecoin (DOGE) on the weekly charts. Over the past seven days, this frog-themed digital asset has recorded an impressive 49% surge, whereas SHIB has seen a modest 12% increase, and DOGE has also risen by 12.4% during the same timeframe.
Furthermore, this meme coin has experienced notable gains of 44.9% over the past 14 days and 37.9% in the preceding month. Notably, the meme coin achieved a 24-hour trading volume of $455 million. In addition to this, the project’s developers made an announcement regarding the burning of 6.9 trillion $PEPE tokens from the CEX multi-signature wallet. These substantial token burns are believed to have played a significant role in driving PEPE’s recent surge.
However, it’s essential to highlight that the current focal point of the market is Bitcoin (BTC). Bitcoin recently reached a new yearly high of $34,000, exerting a substantial influence on the entire cryptocurrency market. This surge in BTC’s price is likely a result of growing anticipation regarding the potential approval of a spot Bitcoin ETF (exchange-traded fund) in the United States. Furthermore, BTC is approaching its next halving cycle, scheduled for April 2024. These positive developments may have prompted investors to acquire the asset in anticipation of an upcoming bullish trend.
Pepe’s Upward Trajectory: Will It Persist?
PEPE has already experienced a 6.6% decline in its daily chart. Furthermore, given its status as a meme-based cryptocurrency, it lacks substantial utility or practical applications. Many investors are likely drawn to the project primarily for short-term financial gains. These factors collectively render PEPE a riskier investment compared to its counterparts like Shiba Inu (SHIB) and Dogecoin (DOGE). SHIB has recently introduced a new blockchain, and DOGE, as the original meme coin, has been in existence for nearly a decade.
Additionally, the current cryptocurrency market is closely following the movements of Bitcoin (BTC) and is expected to continue doing so in the foreseeable future. While PEPE might experience additional price surges, these are contingent on BTC’s upward trajectory.