- Pepe’s market cap soared to over $11 billion, surpassing Uniswap’s $10.6 billion valuation.
- The memecoin has seen an 18x increase in value since January 2024.
- Binance.US recently listed Pepe, boosting its profile among memecoin traders.
Pepe, a frog-themed memecoin, has reached a significant milestone, surpassing Uniswap (UNI) in market capitalization as of December 7. Data from CoinMarketCap shows Pepe’s market cap climbing above $11 billion, surpassing UNI’s $10.6 billion. This marks a new all-time high for Pepe, driven by increasing market enthusiasm and trading activity.
The token has gained 16.8% in the past 24 hours and over 26% in the last week, maintaining its upward trajectory. Since the start of 2024, Pepe has demonstrated remarkable growth, with its market cap rising from $591 million to the current level—a more than 18-fold increase within the year. The token launched in 2023, inspired by the cartoon frog character created by Matt Furie, though it has no official connection to the artist or his work.
Memecoin Momentum and Market Impact
Pepe’s ascent reflects a broader resurgence of interest in memecoins, a category known for speculative trading and cultural significance rather than intrinsic utility. The token, which describes itself as having “no intrinsic value,” has become a competitor to established memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB). Pepe’s journey to the top 20 cryptocurrencies by market capitalization underscores the enduring appeal of memecoins among investors.
The rally began in September 2024 after months of price consolidation and downward trends. Pepe saw a sharp 30% gain during the final week of September, but its value briefly dipped in November. However, a strong recovery in late November pushed the token past its previous all-time high, culminating in its current valuation.
Binance.US added Pepe to its listings on December 5, enhancing its accessibility for traders and further solidifying its position in the market. Analysts continue to monitor Pepe as memecoins remain a focal point in the ongoing crypto market cycle.
