The meme coin market experienced a drastic change on Tuesday, surging to $27.2 billion at the time of writing, a 20% change in less than 24 hours.
This upswing is driven by PEPE and other popular assets, which have seen substantial double-digit gains this week following Bitcoin’s most recent peak at over $60K.
PEPEUSD. Source: CoinGecko
PEPE On Fire
PEPE, one of the traders’ most beloved meme coins, has seen a dramatic price uptick, reaching a $0.0000033 peak on Tuesday at 3:00 PM EST. Currently trading at $0.0000031, the memecoin has exploded 180% in the last seven days and 40% in 24 hours.
According to data from Coinglass, the Open Interest (OI)-Weighted Funding Rate for PEPE surged from 0.0169% to 0.12%, then retraced to 0.06%. Nevertheless, the upswing suggests a growing willingness among traders to pay more for holding long positions, hoping for more bullish price action.
Memecoins Going Vertical
FLOKI and dogwifhat (WIF) also went vertical on Tuesday, up 23% and 31%. These tw
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