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Memecoin Mania Grips Market: PEPE Hits All-Time High

Key Takeaways

  • PEPE reached a new all-time high on May 14, with its value briefly peaking at $0.0000110 before slightly dipping;
  • The return of Keith Gill, aka "Roaring Kitty," to social media has possibly sparked renewed enthusiasm in the memecoin market;
  • The overall memecoin market is bullish, with a notable increase in market capitalization and trading volumes.
Memecoin Mania Grips Market: PEPE Hits All-Time High

Ethereum-based memecoin PEPE hit a record high on May 14, peaking at $0.0000110.

Though it slightly dipped to $0.0000109 at the time of writing, market sentiment remains bullish. 

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PEPE's market capitalization has now climbed to $4.5 billion, securing its place as the 25th largest cryptocurrency. That is accompanied by a 261% surge in trading volume in the last 24 hours, making PEPE the most actively traded memecoin and surpassing Dogecoin (DOGE).

This increase in activity may be linked to the reappearance of Keith Gill, a trader known as "Roaring Kitty," who fueled the 2021 Gamestop short squeeze. That was an event when retail investors drove up the stock price of video game retailer GameStop, causing losses for hedge funds that had shorted the stock.

Him posting on X for the first time in three years has sparked speculation about another meme stock rally. Notably, the Gamestop-inspired memecoin GME saw its trading volume jump by 293% in the past 24 hours, ranking it the 8th most traded memecoin.

The overall memecoin market is also seeing a bullish trend, with its market capitalization increasing by nearly 4% to $54.1 billion at the time of writing. Trading volumes across the board have soared nearly 137% to $10.6 billion.

As this mania grips the market, memecoins can ride the wave of enthusiasm and potentially see significant gains in the future.

In other related news, a Solana trader has recently managed to capitalize on the volatility of meme-themed tokens and secured $23 million in profits.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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