- Memecoins like PEPE and ELON are surging amid Bitcoin’s climb, reflecting the speculative nature of the crypto market.
- PEPE’s recent controversy and supply reduction have influenced its price, emphasizing the impact of development decisions.
- Bitcoin’s enduring influence, despite a minor dip, remains a cornerstone of the cryptocurrency landscape amidst the market turmoil.
In the bustling world of cryptocurrency, traders are casting keen eyes on memecoins, which are currently enjoying a surge in popularity, riding the coattails of Bitcoin’s impressive climb to $31,000. Pepe (PEPE), Dogelon Mars (ELON), and Bitcoin (BTC) have all experienced significant climbs, showcasing the volatile yet intriguing nature of the cryptocurrency market.
Santiment, a renowned analytical firm in the cryptocurrency sector, noted significant activity in several altcoins when Bitcoin surpassed the $31,000 mark. Based on their analysis, Pepe (PEPE) has seen a 16% increase, Dogelon Mars (ELON) has risen by 57%, and BITCOIN has gone up by 36% over the last week.
🪄🐶🐸 #Memecoins are on traders' minds as #altcoins enjoy the benefits of #Bitcoin redistributing as it climbs to $31K. Over the past week, $PEPE (+16%), $ELON (+57%), and $BITCOIN (+36%) are climbing as their supplies move in different directions. https://t.co/mO5kYhUkZC pic.twitter.com/3qfa8V5zg4
— Santiment (@santimentfeed) October 23, 2023
Pepe (PEPE) has seen a 16% increase over the past week, with its price today standing at $0.000000876206. The trading volume over the last 24 hours has reached a staggering $321,840,782.42, indicating high interest and activity. This marks a 17.23% price increase in just one day and a 30.54% rise over the week. Pepe, with a circulating supply of 420 Trillion, now boasts a market cap of $366,138,380.
However, it has been the center of controversy recently. Some major developers made unauthorized token sales from their multisig wallets, which led to a sudden drop in PEPE prices in August. The current PEPE management has assured that they have weeded out these detrimental elements, promising a renewed focus on the coin’s development and stability.
Dogelon Mars (ELON), on the other hand, has experienced a dramatic 57% increase. It currently has a market cap of $9.45B, with a 24-hour trading volume of $770.79M. The price of Dogecoin, from which ELON derives its name and inspiration, stands at $0.066744 with a circulating supply of 141.54B.
Over the past week, Bitcoin (BTC), the pioneering cryptocurrency, has witnessed a notable 36% surge. Currently priced at $29,874.42, its market cap sits at an impressive $583.18B. Moreover, its 24-hour trading volume has reached $10.15B. Despite experiencing a slight 0.8% decline in the past 24 hours, Bitcoin’s significant influence on the cryptocurrency market is undeniably robust.
These cryptocurrencies, and memecoins in particular, are primarily used for speculative trading.The surge in PEPE’s price, according to analysts, is attributed to its decreasing supply in the market. This aims to provide clarity and insight into the current state of these cryptocurrencies, helping traders and enthusiasts navigate the complex and ever-changing landscape of the cryptocurrency market.
