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Memcoin PEPE doubled its value in a weekmarket capitalization up to half a billion dollars. This may be due to the bullish trend in the cryptocurrency market caused by the anticipation of the approval of a Bitcoin ETF.
The capitalization of the “frog memtoken” grew to $1.6 billion in May, accelerating the trend. At the time, traders speculated whether PEPE could compete with meme coins such as DOGE and SHIB.
The hype quickly died down, and PEPE's market capitalization soon fell to $244 million. But the coin now appears to have found a home, thanks to significant growth in trading volume and on-chain activity.
On Wednesday, October 25, PEPE developersstated that more than 155,000 individual wallets already hold this meme coin. According to CoinMarketCap, trading volume over the past 24 hours reached $423 million, which is 22% more than the previous day.
Recent increases can be attributed to combustionPEPE tokens worth $5.5 million, which took place on Tuesday. The decision to burn was made after a loud scandal at the end of the summer, when several former project participants stole funds from a common wallet and then left the team. They managed to gain access to a multi-signature wallet, after which they transferred the tokens to the OKX, Binance, Kucoin and Bybit exchanges.