The famous meme coin, PEPE has managed to gain attention of most crypto degens as its price rose 50% in a day on February 27th, 2024 prompting a higher increase until March 1st, 2024.
Other meme coins seem to be rising as well, giving traders more than 100% price gain in just a week.
PEPE Appreciates by 50% in a Day
Pepe coin, otherwise known as the famous frog meme coin in the Ethereum Blockchain, has risen around 50% in just a single day.
This price movement happened on February 27th, 2024, where the coin seems to be moving higher than before, continuing its gain from the beginning of February 2024.
Overall PEPE has managed to print an impressive 250% increase in February 2024, most of it is because the particular price movement on February 27th, 2024.
The sudden price movement seems to be happening because of the fact that this February seems to have a leap day, which is what happens when a February has 29 days in it, happening only once every four years.
All the degens seemed to link this fact with the narrative of frog leap, where usually frogs move by leaping.
The unusual connection between the two seems to be the narrative that pushes PEPE to go as high as 50% in one day, considering the logo of PEPE itself is a frog.
This is a common narrative in the meme coin space, where usually all degens connect something that literally does not have anything to do with the token but managed to figuratively make it connected, creating a positive sentiment for a crypto to rise.
Others Rose by more than 200% in a Week
Although the narrative of Leap Day seemed to play a part on the price gain of PEPE, the overall positive condition of the crypto market seem to play a bigger part, as most cryptos are going up, which are led by Bitcoin.
The Bitcoin price movement always seem to influence other cryptocurrencies, including meme coins that really do not have any utilities.
The new price movement of Bitcoin that brought it to $60,000 has managed to create a narrative more cryptocurrencies will go up as well, essentially creating a new buying pressure on all coins and tokens.
Looking at the meme coin sector on data gathered from CoinGecko, it can be seen that PEPE is not the most impressive meme coin out of them all.
PEPE itself still stands at the 8th place compared to other meme coins based on its price increase in the last week.
The number spot is filled by PUPS, a meme coin in the Ordinals ecosystem, which is essentially created on the Bitcoin Blockchain.
It is no surprise that the coin rose about 256.5% in just one week, because the overall narrative is centered around Bitcoin.
But overall other meme coins seem to be rising as well, creating a new narrative in the crypto space called the meme coin surge, which during past halvings, only happens during bull markets.
Meme coins are extremely volatile, so that narrative is highly subjective, which is why it is not good for traders or investors to FOMO into meme coins based on this fact.
Remember to always protect your capital in the long run so that you can maximize the real bull market that is predicted to happen in 2025.
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