Unexpectedly, the memecoin market saw a phenomenal upswing, with Pepe spearheading the charge with an incredible 118% rise. On February 27, the increase propelled Pepe to a 10-month high, signifying a noteworthy achievement for the well-known memecoin.

Pepe’s Meteoric Rise

According to the most recent data, Pepe’s price is currently $0.0000026, indicating a 58% gain over the previous day. The cryptocurrency saw a small retracement after momentarily touching $0.0000029. Especially, Pepe’s market value is already more than $1 billion, and its 24-hour trading volume is $1.38 billion, up 480% from the previous day.

According to statistics from CryptoSlate, the pepe rally is consistent with a larger trend in the memecoin sector, which has seen a noteworthy 16.91% weekly increase and an impressive 11.8% gain in the last 24 hours.

Effect on Short holdings

The Coinglass data, which shows that the rally on the previous day caused the liquidation of nearly $4.4 million in short holdings, demonstrates the strength of the market momentum.

Over the previous two days, the cryptocurrency market has recovered well overall, and Pepe Coin’s rise was a part of that momentum. The rise of Bitcoin to $57,000 on February 26 was a major factor in the upbeat attitude toward Pepe and other digital assets.

Pepe experienced a significant increase in its Open Interest (OI)-Weighted Funding Rate, which went from 0.0169% to 0.12%. The surge indicates an increasing positive sentiment among traders and a readiness to pay more for holding long positions, even though it has now fallen to 0.06% amid a modest correction.

Memecoin Frenzy Goes On

Pepe isn’t the only person who is excited about the memecoin market. In the past day, the prices of several well-known memecoins, such as Dogwifhat (WIF) and Floki Inu (FLOKI), have increased by more than 30%. GROK and LADYS also saw significant gains, illustrating the widespread interest in these specialized digital assets.

The recent surge in Bitcoin prices has not only helped Pepe but has also spurred interest in and investment in other memecoins, suggesting that people are once again passionate about these distinctive digital assets.

Resurgence of Retail Interest

According to Google Trends data, there has been an increase in searches for cryptocurrency-related terms by more than 200% overall, indicating a resurgence of interest among consumers. The arrival of institutional capital in the market with the creation of spot Bitcoin exchange-traded funds (ETFs) by established financial behemoths like BlackRock is credited with sparking this newfound interest.

With a price increase of 52.77% in the last day, Pepe is ranked #71 by market capitalization as of 2:45 AM UTC on February 28, 2024. Pepe has a market value of $1.19 billion and a $1.54 billion 24-hour trading volume.

With a 24-hour volume of $102.49 billion, the total value of the cryptocurrency market is $2.15 trillion. The dominance of Bitcoin is currently 52.10%.

In conclusion, Pepe’s remarkable climb sparked the memecoin rally, which emphasizes the volatile nature of the cryptocurrency market. The rise of Bitcoin has fueled the overall market momentum, which has led to the increase in retail interest in memecoins. These sudden, significant changes in the cryptocurrency ecosystem highlight how crucial it is to keep abreast of market dynamics and trends.