Bitcoin Rally Had Pushed Pepe Coin Price Up 50 Percent

Liputan6.com, Jakarta Bitcoin managed to strengthen and reach its highest peak since April since Wednesday, June 21, 2023 which also contributed to the rise of crypto in the meme coin sector.

Reporting from Yahoo Finance, Friday (23/6/2023), when Bitcoin hovered near USD 30,200 or the equivalent of Rp. 451.3 million (assuming an exchange rate of Rp. 14,944 per US dollar), mem coin which was once popular, PEPE Coin rose by more than 50 percent , while Dogecoin and Shiba Inu were up 4.3 percent and 9.6 percent, respectively, according to Coinmarketcap.

Over the past seven days, the three are up 90 percent, 8 percent, and 21 percent. Pepe coin, one of the newest additions to the memecoin world, is centered around a cartoon frog mascot. Because there are so many memecoins in circulation and their value is tied primarily to investor sentiment, prices tend to be volatile.

Memecoin’s surge in performance over the past week comes despite the headwinds that have hit the crypto sector after the US Securities and Exchange Commission (SEC) filed lawsuits against Coinbase and Binance earlier this month. Markets were also weighed down by the Federal Reserve’s more hawkish tone as it announced a pause in interest rate hikes.

This week, Bitcoin has surged after last week saw the cryptocurrency fall below USD 25,000, its lowest point since March. The most popular cryptocurrency now makes up more than 50 percent of the total market.

Powering Bitcoin performance, and contributing to the meme coin rally, is BlackRock’s app for spot Bitcoin ETFs. Two other companies, Invesco and WisdomTree, soon followed suit with their own apps.

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