The memecoin market is experiencing a frenzy as PEPE, an Ethereum-based memecoin, reached a new all-time high on May 14, peaking at $0.0000110. Despite a slight dip to $0.0000109, market sentiment remains bullish. PEPE’s market capitalization has surged to $4.5 billion, making it the 25th largest cryptocurrency, with a 261% increase in trading volume in the last 24 hours.
The return of Keith Gill, also known as “Roaring Kitty,” to social media has sparked renewed enthusiasm in the memecoin market. Gill, known for fueling the 2021 Gamestop short squeeze, has caused speculation about another meme stock rally. This has also led to a 293% increase in trading volume for the Gamestop-inspired memecoin GME, making it the 8th most traded memecoin.
Overall, the memecoin market is on a bullish trend, with a nearly 4% increase in market capitalization to $54.1 billion and a 137% surge in trading volumes to $10.6 billion. As the mania grips the market, memecoins have the potential to see significant gains in the future.
In related news, a Solana trader has capitalized on the volatility of meme-themed tokens, securing $23 million in profits. With the market buzzing with excitement, investors are keeping a close eye on the memecoin market for potential opportunities.
