An analysis by Bitget Research
Pepe is attracting attention again this week after reaching a new ATH, rising by 35% over the past 7 days and reaching a total market capitalization of $4.45 billion. According to Coinmarketcap data, Pepe now ranks among the top 25 cryptocurrencies, currently occupying 23rd position.
Recently, the rise of memecoins has been boosted by the return of retail investor leader “Roaring Kitty”, who led the retail investor battle against Wall Street in 2021. After a three-year hiatus, he reappeared and became active on Twitter. During Monday’s trading session, GME shares jumped over 100%, triggering multiple disruptions, while the GME-derived memecoin also experienced a hundredfold increase in a single day, setting the memecoin sector ablaze.
PEPE is one of the most popular memecoins of this bull market cycle, recognizable by its fictional frog character, widely circulated in various online and offline communities. It began a sharp rise around 6 hours after the launch of the GME memecoin, contrasting sharply with newcomers such as WIF and BOME, outperforming WIF and becoming the leading memecoin in terms of market capitalization in this bull market cycle.
The breakthrough of major memecoins to new heights has kept market sentiment at high levels. The growing popularity of memecoins with evocative names like GME, AMC and KITTY is evident and can be seen from two angles.
The first is the market environment. In recent rebounds from declines, the AI and memecoin sectors have performed the strongest, indicating a preference for funds and users. In addition, many public blockchains are strategically positioning memecoins to attract more users and funds.
The second is the wealth effect. Traditional projects often have a high market capitalization at launch, but lack funding for further development, leaving less room for growth, resulting in a low wealth effect. Many players prefer MEME projects because they have the potential for significant price appreciation, with the possibility of seeing returns multiplied by ten or even a hundred.
In summary, while PEPE and GME continue to climb, the memecoin sector as a whole remains worthy of attention and active participation. In every bull market cycle, there’s a high probability of new memecoins reaching multi-billion dollar market caps. PEPE has already reached new highs twice this year, and its current market capitalization of around $5 billion makes it the most promising memecoin.
