Pepe PEPE, a frog-themed memecoin, overtook Uniswap’s token UNI in terms of market capitalization on December 7. The popular coin currently has a market capitalization of over $11 billion, surpassing UNI’s market cap of approximately $10.6 billion.
According to data from CoinMarketCap, Pepe gained 16.8% during the past 24 hours and is up roughly 26% over the past seven days. Its market capitalization has grown by approximately 18x since the start of 2024, from around $591 million at the beginning of the year.
Pepe was launched in 2023 following the success of other memecoins like Dogecoin DOGE and Shiba Inu SHIB. Despite having “no intrinsic value,” it has become a favorite among memecoin traders.
In recent months, Pepe rallied after months of downward price action, gaining 30% in a week in September before its price retraced in November. However, the coin experienced a historic rally in November that saw it reach its previous all-time high and led to its current all-time high.
Pepe’s popularity has caused Binance.US to list the token on December 5, as memecoins continue to be a major narrative during the current market cycle.
Source: https://cointelegraph.com/news/pepe-memecoin-flips-uniswap-market-cap