PEPE Coin Crypto Skyrockets 120% in a Week

As previously reported, bitcoin's latest rally has paved the way for the rise of memecoins. The rise was led by Pepe Coin, a cartoon frog-themed token that recently soared by double digits.

Reporting from Yahoo Finance, Tuesday (31/10/2023), the most popular cryptocurrency in the world, Bitcoin, experienced a decline recently, after breaking through USD 35,000 or the equivalent of IDR 554.8 million (assuming an exchange rate of IDR 15,853 per US dollar ) last week and reached its highest level in more than a year.

The outperformance is due in part to investors' growing optimism that the Securities and Exchange Commission will soon approve the first spot Bitcoin ETF in the US, which could lead to a flurry of crypto inflows.

The Bitcoin-led surge has awakened meme coin investors who were weakening over the past few months as crypto prices lagged.

The bullish leader, Pepe Coin, has surged 57 percent over the past seven days, hitting its highest level since August. Others such as Dogecoin and Shiba Inu also gained.

Dogecoin, the dog meme-themed cryptocurrency favored by Elon Musk, rose 8 percent over the past seven days and more than 1 percent on Monday. Shiba Inu, an Ethereum-based coin founded in 2020, surged 10 percent over the past seven days and traded at its highest level since August on Monday.

If Bitcoin continues to rise, meme coins may get used to the trend, but since tokens often have little value, any bad news could push the price back down.