PeiPei, an Ethereum-based meme coin, has emerged as the top gainer among the 500 largest cryptocurrencies.
The asset’s uptrend began on the back of the mild recovery effort from the broader market following the drop in Bitcoin’s (BTC) selling pressure. Before now, PeiPei was a victim of the market-wide bloodbath, collapsing 43% from its previous all-time high of $0.00000002960 on July 1 to $0.00000001691 on July 6.
With the crypto market exhibiting signs of stability, PeiPei demonstrated resilience, but witnessed a drought in buying pressure. This led to a consolidation phase, one observed throughout the entire market. However, this week has been especially favorable for PeiPei, following an 11.14% gain on Monday.
The meme coin built on this rebound, spiking 28.23% on July 9 and then registering another rally this morning. PeiPei eventually recovered the losses of the recent correction, hitting a new all-time high of $0.00000003230 earlier today.
Despite a sharp correction from this peak, the token has retained a 9.89% gain this morning, with a 42% increase over the past 24 hours. PeiPei’s market cap has spiked by a similar margin to $119 million, making it the 300th largest crypto asset. This positions PeiPei as the biggest gainer among the top 500 crypto assets in the market.
Amid the upsurge, PeiPei’s social volume has witnessed a remarkable increase. The token has now secured a spot among the top trending assets on CoinMarketCap, CoinGecko and crypto exchange Crypto.com. This has contributed to a 65.76% rise in 24-hour volume to $190.06 million, indicating increased interest.
Launched in June, the token has seen a remarkable 771% increase in value since then, with a 53.94% surge just in the past week, currently trading at $0.00000002940.
PeiPei has already secured a listing on over 12 centralized exchanges, including MEXC, Bybit and Gate.io. The project disclosed a partnership with Brazilian UFC fighter Gilbert Burns earlier this month.
Despite its feats over just one month, the meme coin has not yet solidified its reputation in the crypto scene, with little to no information on its founders and a roadmap bordering on just “vibes.” As such, caution is advised among investors.