Pepe price soars over 70% this week with continued momentum
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Pepe surges over 70% this week, outpacing the broader crypto market amid Ethereum ETF news, while Dogeverse gains traction with its multichain approach.
Pepe has surged over 70% this week, posting a decisive outperformance against the broader crypto market. Is the meme coin poised to continue rising or will it run out of steam?
Pepe shows strength on ETH ETF rally
The United States Securities and Exchange Commission’s green light to Ethereum spot ETFs has enabled Pepe’s recent parabolic rally.
Currently, the frog-themed memecoin is trading at $0.00001695, up 14% today, 79% this week, and 183% this month. It holds a $7.1 billion market cap and a $2.7 billion 24-hour trading volume, up 39% today.
Based on its market cap, Pepe stands as the third-largest memecoin and the 18th-largest cryptocurrency. However, its trading volume makes it the largest memecoin and the seventh-largest cryptocurrency.
This market cap and volume discrepancy reflects a steadfast interest in Pepe, with the Ethereum spot ETFs recently catapulting it into the limelight.
Immediately following the ETF approvals on 23 May, Pepe began outperforming other Ethereum ecosystem tokens.
However, the momentum has continued, and now leading analysts are backing Pepe for further growth. Jameson recently suggested that Pepe will “flip” Shiba Inu’s market cap and compared its current price action to Dogecoin’s in 2021.
CryptoKnight anticipates an explosive uptick toward $0.00003958, marking a 136% increase from its current price.
Meanwhile, prominent trader Bluntz suspects Pepe is a leading ETH “beta” alongside other ecosystem memecoins. This refers to Pepe mimicking ETH’s price but with more volatile swings.
The analyst also noted that Ethereum is gaining pace on Bitcoin, suggesting that Pepe could provide significant returns.
But alongside Pepe, other emerging Ethereum-based memecoins are also on the rise.
One of the most promising is the newly launched Dogeverse, a multichain memecoin available on the six hottest smart contract-enabled blockchains.
Could Dogeverse be the next big memecoin?
By taking an unprecedented multichain approach, Dogeverse has direct on-chain exposure to Ethereum, Solana, Base, Avalanche, BSC, and Polygon.
So, while Ethereum’s ETF narrative is bolstering its ecosystem token prices now, Dogeverse will also benefit when the next narrative arises, even if it is on a different chain.
The token is currently in its presale and has raised over $15 million so far. This makes it one of 2024’s hottest ICOs, laying the way for huge post-exchange launch potential.
However, the campaign is in its closing stages and will end in seven days. This leaves little time for traders to buy DOGEVERSE at its fixed and discounted presale price.
Dogeverse’s multichain utility ushers in a slew of exciting benefits, like the potential for massive community growth and on-chain investment.
But to extend its long-term potential, the team has also established a staking layer that rewards users for locking up their tokens.
Stakers can currently earn a 48% APY, but this will decrease as more tokens are deposited.
The project’s use case has drawn a vibrant community, with over 20K followers on its X account and over 14K Telegram members.
To learn more, visit the Dogeverse presale.
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