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Pepecoin (PEPE) has climbed 130% over the past 7 days – How do you explain this rise in memecoin?

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Pepecoin (PEPE) has caused a stir, posting a remarkable rise of almost 130% over the past 7 days, a performance that stands out at a time when many other altcoins are struggling to keep pace with Bitcoin. What’s behind the memecoin’s rise to over $1 billion in market capitalization?

PEPE (Pepecoin) posts +130% over the last 7 days

Bitcoin’s recent rise is surprising in that it is struggling to pull altcoins upwards, whereas a natural transition of varying length from the king of cryptocurrencies to lower-cap cryptos can often be observed after it has made significant gains.

While BTC has seen its price climb by more than 10% over the last 7 days, and this despite its capitalization exceeding $1.1 trillion, relatively few of the Top 100 altcoins have had the opportunity to post similar gains over the same period.

An almost one-sided rise that can be partly explained by the explosion of spot Bitcoin ETFs, which have been breaking their daily volume records for 2 consecutive days.

👉 Spot Bitcoin ETFs set new volume records, BlackRock still the leader

With a few exceptions, such as Uniswap’s UNI, PYTH, AR, THETA, FLR, JASMY and GALA, we can observe that a certain cryptocurrency stands out in particular: Pepecoin.

With a market capitalization of $1.1 billion at the time of writing, PEPE sits in 81st place on this metric, and memecoin proudly boasts a gain of almost 130% over the last 7 days.

According to Coingecko data, $1.4 billion in volume was traded on PEPE over the last 24 hours. At the same time, $7 million worth of positions were liquidated on PEPE over the same period.

Other memecoins with similar or higher market capitalization saw gains, albeit more moderate: DOGE gained 12% over the last 7 days, SHIB 11.6%, and BONK 15%. Only WIF, though outside the Top 100, posted a substantial gain of +80% over the week.

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