Pepe Coin (PEPE), a sensational memecoin that was launched in mid-April, has gained over 40% in the past 24 hours.
Cryptocurrency Exchange Gemini Shares Video Pepe Coin Rises 40%
The token was one of the top performers in the crypto industry a few months ago, seeing all-time highs almost daily.
The impressive price increase comes amid the overall upswing in the digital asset market, whose global value has recently risen to $1.23 trillion.
The value of PEPE hit a one-month high after rising nearly 40% in the past day.
One of the factors driving the price of Memecoin could be the mysterious announcement from Gemini. The cryptocurrency exchange posted a short video on Twitter showing the logo of PEPE and the possible rise.
The clip also hints at the end of the bear market and shows how Bitcoin (BTC) prevailed after issues such as the mass printing of fiat currencies initiated by the US Federal Reserve.
Another reason for PEPE's price boom could be the returning optimism in the overall crypto market.
BTC and most alternative coins have made huge gains in the past few days following BlackRock's plans to issue a Bitcoin Spot ETF in the United States.
Despite regulatory uncertainty in the world's largest economy, many other financial giants, including Invesco and WisdomTree, soon followed suit.
It's worth noting that PEPE isn't the only memecoin that's getting attention. Memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) are also on the rise.
*Not investment advice.