Are Memecoins Back? Bitcoin Pepe (BITPEPE) Surges Over 297% Today

While the broader crypto market bleeds, some crypto projects are seeing their best days yet. Bitcoin Pepe, an Ethereum-based memecoin, is one of them.

According to on-chain data from the price-tracking website CoinGecko, the cryptocurrency emerged as the top gainer today. It soared by over 297% at the time of writing, bringing its trading price to $0.0942. The digital asset owes its latest surge to a recent market listing on the leading decentralized exchange (DEX), Uniswap.

What is Bitcoin Pepe?

Describing itself as the “world’s only Bitcoin meme ICO,” Bitcoin Pepe is a memecoin project that blurs the boundary between Bitcoin and Ethereum networks. The meme token’s mascot is a gold-skinned version of popular Pepe the Frog, a character from Matt Furie’s 2006 book, Boy’s Club. Recall that numerous crypto projects have emerged using the frog-themed character as their mascot.

Bitcoin Pepe aims to develop a meme-centric layer-2 network on the Bitcoin blockchain. It also seeks to make its blockchain scalable, with low fees and fast transactions. Behind the memecoin project are Michael Bonett and Jeff Johnson, who have years of experience in crypto, marketing, and community management.

BITPEPE, the project’s lifeblood, has a total supply of one billion tokens, 100% of which are currently in circulation. To bolster investors’ trust, the token’s liquidity has been locked and its ownership renounced. There are no buy/sell taxes on the cryptocurrency.

Bitcoin Pepe Explodes!

Despite being relatively new in the crypto market, the meme token has garnered so much attention that it secured a market listing on Uniswap. Notably, the leading DEX does not have a rigorous listing procedure like centralized exchanges. This makes it less difficult for the memecoin to secure a market listing on the exchange.

Now, BITPEPE will be accessible to millions of crypto traders using Uniswap. This partly explains the reason behind the token’s rapid surge despite the downtrend experienced in the broader crypto market.

At the time of writing, BITPEPE had a market capitalization of $89.11 million and a daily traded volume of $5.53 million. The cryptocurrency now ranks among the top 40 memecoins by market cap, trailing Peanut the Squirrel (PNUT).

Are Memecoins Back?

For most of last year and the early part of this year, the memecoin market was the hottest sector in the crypto ecosystem. The reason is not far-fetched: these extremely volatile crypto tokens offered investors a way to benefit from sudden, rapid price movements, potentially netting massive profits in a short time. Undoubtedly, the memecoin market birthed millionaires.

Today, however, the hype around the market has reduced. At the time of writing, the memecoin market cap sat at $50.7 billion, representing a mild 3.3% increase in the past 24 hours. Still, this is a far cry from its peak valuation of over $127 billion in December 2024.

The peak coincided with the period of Donald Trump’s presidential election victory. At the time, many crypto investors were optimistic that a pro-crypto president would lead America. This paved the way for the circulation of numerous meme tokens.

There is currently no guarantee that the memecoin market is back for a massive rally. Still, one shouldn’t entirely dismiss the idea, as the reintroduction of some memes or influencer backing could revive the hype around meme tokens.

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