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Pepe, the frog-themed meme coin, has surpassed $11 billion in market capitalization, briefly overtaking Uniswap’s token UNI, which holds a market cap of approximately $10.6 billion. This milestone represents an 18x increase from its $591 million market cap at the start of the year. Currently trading at $0.0000266, Pepe has recorded a 16.8% gain in the last 24 hours and a 26% rise over the past week, per CoinMarketCap data .

Launched in 2023, Pepe has risen to the ranks of the top 20 cryptocurrencies by market cap, rivaling established tokens like Dogecoin and Shiba Inu. Since its inception, the token has delivered gains exceeding 7,000%, becoming a favorite among meme coin traders. Its surge began in September 2024 after months of price consolidation, climbing 30% in a week, only to retrace in early November. However, a historic rally in late November propelled it to a new all-time high.

Pepe’s maximum supply of 420 trillion tokens is already in circulation, further fueling market activity. The token’s popularity surged following its Dec. 5 listing on Binance.US, a move that cemented its position as a key player in the ongoing meme coin trend. Analysts suggest Pepe's strong market momentum and favorable Relative Strength Index (RSI) indicate further bullish potential, with predictions hinting at a possible market cap of $15-$20 billion by the end of the current cycle.

Despite its success, Pepe faces new competition from tokens like Wall Street Pepe. The emerging contender raised $2.6 million within five days of its presale, offering features such as staking with a 197% annual percentage yield. Wall Street Pepe aims to combine humor with market strategy, rallying a dedicated community of traders. With its official launch planned for early 2025, it has already drawn significant attention from investors seeking the next big opportunity in meme coins.

As the broader cryptocurrency market continues to embrace speculative assets, meme coins like Pepe illustrate the volatile and rapidly evolving nature of this space. While questions about long-term sustainability remain, Pepe’s meteoric rise underscores its appeal among market participants. Its journey from a $591 million market cap to over $11 billion highlights the unpredictable dynamics of meme coins and their ability to capture significant market interest.