Over the past few days, the cryptocurrency market has seen little to no movement across board. Even the hike in the interest rate by the US Federal Reserve failed to come with its usual volatility.
The price of Bitcoin has failed to produce anything meaningful in the past 24 hours, hovering around the $29k price level where it is trading at currently. Bitcoin experienced some sort of volatility for a short period of time. As price rallied to $29.5k but retraced almost immediately as the bulls failed to sustain momentum.
Image Source: TradingView
One obvious exception to the overall sluggishness of the market is the thriving meme coin – PEPE. The frog-inspired cryptocurrency has continued its epic bull run and raided its way through the top 100.
The meme coin was only launched less than three weeks ago and already has its market cap trading at over $1 billion. Producing unimaginable returns for investors who went in early, provided they held onto the project, of course. Multiple stories are flying around of people who turned small double-digit sums into hundreds of thousands of dollars.
Image Source: TradingView
The hype around PEPE seems to be isolated as well with other meme coins such as Shiba Inu and Floki Inu failing to record any significant gains in recent times.
The valuation of the token spiked by 60% today aftermath of the listing announcement made by Binance. As a result of that, the market capitalization exceeded the coveted $1 trillion mark on both CoinMarketCap and CoinGecko today.
Featured Image Source: Coinpedia
