News - Pepe: Memecoin leads altcoin rally

By Luc Vesters

Pepe: Memecoin leads altcoin rally

The crypto rally is still in full swing. After Cointelegraph already falsely reported last week that the U.S. Securities and Exchange Commission (SEC) had approved asset manager BlackRock's Bitcoin Spot ETF application, the this week once again created much noise around the investment product. For example, the alleged appearance of the trading code IBTC - from the BlackRock Bitcoin Spot ETF called iShares - also caused a price rally this week.

Although it was revealed shortly thereafter that the token had been listed for months and thus the possible launch was a non-event, investors did not punish it against prediction. On the contrary: on today's trading day, the entire crypto market is up 2.7 percent, bringing the total market capitalization to US$1.322 trillion at the time of writing. The biggest profiteer? Not Bitcoin, but the memecoin Pepe.

Pepe leads crypto rally

With a weekly gain of 21.5 percent, Bitcoin does not even enter the top 10 biggest risers in the crypto market. The ranking is led by the dead Memecoin Pepe, with a 7-day gain of a whopping 93.3 percent. The reason? Probably a massive token burn announced by the developer team behind the fun cryptocurrency on X (formerly Twitter). The team had burned 6.9 trillion tokens. Their value: US$6 million. Out of the total supply of 420.69 trillion tokens, that's still 1.64 percent.

But Pepe is not the only altcoin that made huge gains in a weekly comparison. Mina is second in the rankings with a 78 percent increase, while Gala is third with 56 percent.

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