Pepecoin Emerges as Top Meme Coin Gainer Amid DOGE and SHIB Rally

Pepecoin (PEPE) has surged by as much as 60% in the last 24 hours, extending its weekly gains to over 370%, making it the biggest gainer among meme coins. Its trading volumes reached an all-time high of $3.6 billion, surpassing other meme tokens like Shiba Inu (SHIB), Floki, and Dogecoin (DOGE). This rally comes amidst a broader meme coin rally sparked by DOGE and BONK. Despite developers of other meme tokens introducing ecosystem upgrades, PEPE's gains have been notably higher. This surge in PEPE's price may have been exacerbated by short covering, with futures contracts witnessing significant liquidations, exceeding $50 million. This suggests that traders and investors are increasingly drawn to meme coins for quick gains, particularly as more established cryptocurrencies take a breather from their recent surge in prices.