PEPE Coin Explodes 1200% Weekly As Crypto Markets Stall: This Week’s Recap

The broader cryptocurrency market has seen no noticeable changes over the past seven days, with total market capitalization remaining more or less where it was then. This comes on the back of some slight volatility in between, but nothing that could have been sustained. That said, there is one obvious exception to the freshly minted and fashionable PEPE coin. Let’s dive into it.

Bitcoin is trading more or less where it was exactly seven days ago – at $29,000. The cryptocurrency plunged towards $27,500 mid-week, but the bears were unable to sustain the selling pressure and the price rallied. The momentum is fragile and market participants are on their toes as the cryptocurrency is trading in a range between $27,000 and $30,000. A breakout in either direction will likely dictate the direction the market takes in the near term.

Typically, it’s during periods like these that an explosive move follows, so it’s important to keep an eye on the markets at all times.

Speaking of explosive moves… let’s talk about PEPE.

For those of you who haven’t been following the space recently, PEPE is a brand new memecoin created less than three weeks ago. He first made headlines back then, reaching a market capitalization of several million dollars and producing a few success stories in the face of people who earned hundreds of thousands of dollars on his back.

However, fast forwarding to today, this brand new memecoin is now traded on all major exchanges, including Binance, and has managed to acquire a market capitalization of over $1 billion. That puts it in the top 50 coins by total market capitalization, and who knows how far that can go. Will he challenge SHIB and DOGE? If one thing is clear, it’s that anything can happen in the cryptocurrency market, so it’s very exciting to see how this will develop in the coming days.

Market data

Market capitalization: 1,257 billion dollars | 24h volume: 43 billion dollars | BTC dominance: 45.2%

BTC: $29,313 (-0.6%) | ETH: $1,949 (+2%) | BNB: $327 (-1.5%)

This week’s crypto stocks you can’t miss

PEPE’s market capitalization exceeds $1 billion after Binance listing. PEPE is the highlight of this week, and it is the cryptocurrency that has soared 1200% in seven days. It was only accelerated following Binance’s decision to list it for trading as well.

Ethereum’s median gas fees hit a 12-month high amid Memecoin’s resurgence. Amid the ongoing hype, gas fees on Ethereum have also skyrocketed. They hit a 12-month high amid the incredibly memecoin resurgence.

Coinbase posts a net loss of $79 million but exceeds expectations. Coinbase job a net loss of $79 million for the first quarter of 2024. Despite this, the results were not as bad as initially expected, which could be attributed to the market recovery.

SUI faced massive volatility within minutes of mainnet launch. The newest competitor in the L1 domain – SUI – saw its mainnet launched this week. Unfortunately for the protocol’s native cryptocurrency, this has led to a huge accident in its price.

Fed Announces 25bps Rate Hike to 5%, Bitcoin Remains Stable. Another month, another rate hike. This time the US Federal Reserve increase rates by an additional 0.25 basis point, bringing it to 5%. The cryptocurrency market did not react.

The Biden administration is pushing Congress to pass a 30% tax on Bitcoin mining. The administration of US President Joe Biden propose a 30% tax on Bitcoin mining. The change is titled Digital Asset Mining Energy (DAME) Excise Tax.

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This week we have chart analysis of Ethereum, Ripple, Cardano, PEPE and Tron– click here for full pricing analysis.