The Pepe memecoin, a cryptocurrency bearing the likeness of a cartoon frog, has surpassed the market value of Uniswap’s token as of December 7. CoinMarketCap data reveals that the market capitalization of the Pepe memecoin now sits at more than $11 billion, beating out UNI’s $10.6 billion and marking a new all-time high.
Pepe’s impressive values don’t end there. In the last seven days alone, the meme-driven currency has seen an increase of approximately 26%, including a 16.8% rise in the past 24 hours alone. Rising from a humble market cap of $591 million in early 2024, Pepe crossed the $11 billion threshold on December 5 and has hovered around this figure since. This marks an 18 fold increase since the beginning of the year.
In the heady world of memecoins, launched in 2023, Pepe has distinguished itself with its tremendous performance following in the footsteps of predecessors like Dogecoin and Shiba Inu. Although it expressly states it carries “no intrinsic value,” the Pepe memecoin enjoys high popularity among traders in this niche segment. The project, inspired by a cartoon character created in 2005 by Matt Furie, has seen remarkable growth of over 7,000% since its launch.
Bucking a downtrend, Pepe began to rally in September 2024 and achieved 30% growth rates in a week during the last week of September. Despite experiencing a temporary retrenchment early in November 2024, the frog-themed memecoin has embarked on a historic rally, reaching previous and current record highs. The intense interest from market investors and speculators led to the listing of Pepe on Binance.US on December 5, as memecoins carry an increasing significance in the current market cycle.