The frog-themed meme token Pepe token (PEPE), which has been trading as the underdog for weeks, is now undoubtedly on steroids after a 15% increase today that sent its price to $0.0000006933, according to statistics from CoinMarketCap. When the trailing seven days are taken into account, the abrupt change in price action has further contributed to the increase in the token’s price.
In contrast to its main opponent Shiba Inu (SHIB), PEPE has been essentially absent from the field during the last few weeks. Market whales are particularly avoiding the token that was formerly known as their preferred investment asset since the meme currency has demonstrated little significant activity inside its ecosystem.
PEPE purchasers are still experiencing the waning enthusiasm that accompanied its inception as a token that is less than a year old. In the initial few months, the currency made many individuals billionaires, but it has been extremely difficult to keep this positive lustre since no further fundamentals are supporting the initiative.
However, the PEPE community seems to have regained its momentum overnight as seen by the significant $169.72 million in trading thus far, representing a growth rate of 516 percent.
PEPE still in recovery mode
Earlier this month, PEPE had an exploit that affected the bulk of their social media platforms, including X and Telegram. The hack significantly reduced the appeal of a token whose hype had already come under heavy scrutiny over time.
Even if the present growth rate is the first of its sort since the project’s launch, PEPE is still in its recovery phase, thus it cannot be characterised as a significant comeback to new heights.
There has been a lot of conjecture about whether PEPE will be successful in the long run across the board. Many people think the protocol will need to pursue additional usefulness using the SHIB template before it can brag of sustained development in the foreseeable future.
