- Meme coins are experiencing a significant rally, with PEPE leading the charge to a new all-time high of $0.00001096.
- This surge in meme coins follows the return of GameStop stock trader Keith Gill, also known as “Roaring Kitty,” to his social media platform after a three-year hiatus.
- PEPE’s trading volume has surged by 290.5% to $2.14 billion, with its market capitalization rising to $4.35 billion, making it the 28th largest cryptocurrency by market value.
PEPE, a leading meme coin, hits an all-time high following the return of GameStop stock trader Keith Gill, triggering a rally in the meme coin market.
PEPE Hits All-Time High
PEPE has seen a significant price increase, surpassing the $0.000010 mark for the first time since March 15. At the time of reporting, PEPE is trading at $0.00001086, marking a 22% increase in the past 24 hours, according to data from CoinGecko. The coin’s trading volume has also surged by 290.5% to $2.14 billion, with its market capitalization rising to $4.35 billion, making it the 28th largest cryptocurrency by market value. According to data from TradingView, PEPE’s recent rally was supported by a rebound off the ascending trendline, which has been in place since mid-April. The price surge has pushed PEPE above a critical resistance level, ranging from $0.00000875 to $0.000010.
Meme Coin Rally
PEPE’s performance coincides with the return of Keith Gill, whose “Roaring Kitty” account on X had been dormant since June 2021. On May 13, his account resurfaced with a post featuring an image of a man leaning forward with a controller. Users on X and Reddit interpreted it as Gill signaling a period of focus, colloquially termed as “locking in.” “Hey bro what we buying,” one user replied; “Just in time for the meme coin supercycle,” another added. Gill was a central figure in the 2021 meme stock frenzy, which saw assets like GameStop and AMC Entertainment skyrocket by 1,000% by the year’s end. The return of Roaring Kitty caused a meme coin rally, with Solana-based GameStop memecoin (GME) surging over 350% and AMC token witnessing an over 900% increase. Established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced modest gains, with them rallying by 7% and 7.5%, respectively, according to CoinGecko data.
Conclusion
The resurgence of Roaring Kitty and the subsequent rally of meme coins highlight the significant influence of social media and key figures on the cryptocurrency market. As the meme coin market continues to evolve, investors should remain vigilant and informed about the potential risks and rewards associated with these volatile assets.
