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PEPE coin dominates meme market with meteoric rise

The pieces themselves have preserved Its trend is increasingwith garnish Pepecoin (PEPE) has taken the lead in recent gains, recording a massive 70% rise in the last 24 hours to become the digital currency with the largest gains among the top 100 digital currencies.

Memecoins saw significant increases over the weekend as the so-called altcoin (non-Bitcoin) season got off to a strong start. Due to rising risk appetite in the digital currency market, driven by the price of Bitcoin approaching all-time highs.

Pipcoin (PEPE) tops the list Shibainu SHIB And punk (BONK(And Dougie Wifat)Wireless(Floki)FLOKI) A list of the largest emerging currencies, each occupying a place in the top five.

Meme Currencies Dominate Digital Currency Market Performance
Meme Currencies Dominate Digital Currency Market Performance

PEPE has shown remarkable resilience since recovering losses following a 13.84% intraday decline on February 29. The currency has now recorded three consecutive days of significant gains, with its sights set on a fourth positive day.

The value of Pepcoin (PEPE) has increased. Now up 70% in the last 24 hours. Amid the return of the meme coin craze this week, they top the list of currencies with the biggest gains.

The currency also leads the largest gains over the past week, posting weekly gains of 411%. Amid the rise of meme coins sparked by coins such as Dogecoin (DOGE) and Bonk (BONK). Even if the developers of some of these parts offer environmental improvements.

And this shows Data Since coinmarketcap, trading volumes of coins bearing the frog logo have reached unprecedented heights. This amounted to $3.6 billion.

Meme Coins: Huge Increase in Circulation and Market Value

The rise of meme coins began in late February. These currencies are considered a means of betting (gambling) and speculation, especially for small and new traders in the digital currency market.

“Traders and investors are injecting meme coins to satisfy their desire for rapid volatility, while major tokens and currencies are catching their breath from their recent price surge,” said Nick Rock, COO of ContentFi Labs.

Meanwhile, PEPE-related futures contracts have seen large, unusual sell-offs since Friday. Which suggests that short-selling covering – or traders abandoning their bearish bets – may have helped amplify the price rise.

Futures contracts tracking PEPE saw over $50 million in liquidations. Ranked fourth behind the liquidation volumes of Bitcoin (BTC), Ethereum (ETH), and Dogecoin futures.

In contrast, perpetual futures funding rates are tied to the Bitcoin currency. PEPE Negative. Which indicates the dominance of positions betting on a decline PEPE part On the derivatives market.

Speculators betting on this are willing to pay fees for long positions to maintain their bearish bets.

Sharp increase in trading volume

Although PEPE is the biggest beneficiary of the market's uptrend. However, other meme currencies also benefited from the rise.

Market analysis platform Santiment today confirmed that these meme coins saw huge increases in trading volumes.

Underlines Health data Meme currency trading volume increased by 3,000% over the past week. As traders have shown great interest in FLOKI and SHIB And PEPE And BONK I try to enjoy the highs. This in turn increased the buying pressure, completing the uptrend.

Market capitalization exceeded $51 billion

Data from CoinMarketCap indicates that the meme market now enjoys a trading volume of $16.78 billion, an increase of 29% over the last 24 hours.

Moreover, due to the overall increase in prices, the total value of the global meme coin market had increased to $51.75 billion at the time of writing the report.

It should be noted that Dogecoin (DOGE) represents 46.7% of this value, with a market value of $24.2 billion. While you control Shibainu SHIBthe second largest meme currency, holds 31% of the total value of the global meme currency market, with a value of $16 billion.

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