Benzinga - Pepe Coin (CRYPTO: PEPE) has experienced a staggering 32% surge within the past 24 hours, surpassing the gains of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and other major meme coins.
What Happened: The surge in PEPE’s price coincides with a remarkable increase in trading volume, which has seen a 172% rise, reaching an impressive $303 million. The majority of PEPE’s trading occurred on Binance, accounting for over $90 million, followed by Kucoin with over $17 million.
While PEPE’s performance stole the show, other cryptocurrencies also recorded gains during this period. Dogecoin witnessed a 10.65% increase in price, while Shiba Inu rose by 8%. Bitcoin and Ethereum also experienced gains of 14% and 9% respectively.
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Why It Matters: The surge in PEPE’s price can primarily be attributed to the skyrocketing price of Bitcoin on October 23. BTC rose over 10% from $31,000 to briefly touch $34,000, eventually settling at its current price of $34,752, according to CoinMarketCap. This surge sparked a wider market rally, impacting various altcoins and meme coins, including PEPE.
These sudden price increases across the cryptocurrency market coincide with a renewed interest in the imminent approvals of spot ETFs and a significant surge in trading volumes across various spot markets. This surge aligns with the ongoing developments surrounding BlackRock’s proposed spot Bitcoin ETF.
Price Action: At the time of writing, PEPE was trading at $0.000001015, up 32.15% in the last 24 hours, according to Benzinga Pro.
Photo by dCrypto on Shutterstock
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