Pepecoin's Market Cap Doubles to $500 Million Amid Memecoin Craze

In a remarkable turn of events, Pepecoin (PEPE), one of the prominent memecoins that emerged during the crypto winter, has witnessed a meteoric rise. Over the course of just one week, its market capitalization surged to $500 million, signaling the resurgence of memecoins. This resurgence is taking place against the backdrop of growing anticipation for a Bitcoin (BTC) spot Exchange-Traded Fund (ETF), which is causing bullish sentiments in the crypto market.

Pepecoin, which boasts a frog-themed design, had previously shone brightly during the recent bear market, achieving a market cap of $1.6 billion in early May. During that time, traders speculated about its potential to compete with popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).

However, the initial hype subsided, and earlier this month, Pepecoin's market cap dwindled to $244 million. Yet, it has made a remarkable comeback, marked by a substantial increase in trading volume and on-chain activities.

As of Wednesday, Pepecoin's official page reported that more than 155,000 individual wallets now hold Pepecoin, including those linked through token bridges to Arbitrum and Binance Smart Chain (BSC). In the past 24 hours, the trading volume reached $423 million, marking a 22% increase compared to the previous day, according to data from CoinMarketCap.

The recent surge in Pepecoin's value can be attributed to a significant event – a $5.5 million token burn that took place on a Tuesday. This move alleviated concerns about a rogue developer potentially offloading tokens onto the open market, restoring confidence among investors and traders.

Pepecoin isn't the only memecoin experiencing a surge in value. Other memecoins, such as Dogecoin and Shiba Inu, have also enjoyed notable rallies. This trend reflects the market's growing appetite for speculative assets.

This resurgence in the memecoin sector comes at a time when Bitcoin, the world's largest cryptocurrency, reached a 16-month high of $35,000. This surge in Bitcoin's value is accompanied by heightened optimism regarding the imminent approval of a Bitcoin spot ETF in the United States, further fueling positive sentiment within the crypto market.