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After weeks of trading as an underdog, the frog-themed meme coin Pepe Coin (PEPE) is now arguably on steroids with a 15% surge today taking its price to $0.0000006933, per data from CoinMarketCap. The sudden reversal in its price action has further helped push the price of the token up when the trailing seven-day period is factored in.
Unlike its major rival Shiba Inu (SHIB), PEPE has literally been on the sidelines in the past few weeks. The meme coin has shown no major activity within its ecosystem, and as if obeying a unifying order, market whales are notably shunning the token once renowned as their favorite investment asset.
As a token that is less than a year old, PEPE buyers are still living in the fading euphoria that trailed its launch. The coin made a lot of people millionaires in the first few months, but there has been a major struggle to maintain this bullish luster as no additional fundamentals are accompanying the project.
Overnight though, the PEPE community appears to be reenergized with a massive $169.72 million traded thus far, accounting for a growth rate of 516%.
PEPE still in recovery mode
PEPE suffered an exploit earlier this month that saw the majority of its social media profiles, including X and Telegram, exploited. For a token whose hype has been under intense questioning over time, the attack further dimmed its attractiveness for investors.
While the current growth rate can be tagged the first of its kind since the project suffered its exploit, it cannot be tagged a major return to new heights as PEPE can be said to still be in its recovery phase.
Whether or not PEPE succeeds in the long term has called for intense speculation across the board. Using the SHIB template, many believe the protocol will have to pursue more utility before it can boast of steady growth in the near future.