Pepe Coin (PEPE), a memecoin launched in mid-April, has quickly emerged as one of the sensations in the cryptocurrency industry. Its price has skyrocketed by a staggering 638% for the past week, whereas the gains for the past 24 hours alone reached 90%. The asset’s market capitalization has also skyrocketed to almost $700 million.
Some possible reasons behind the substantial rise could be the overall positive condition of the market following the Fed’s latest interest rate hike or the fact that whales have exchanged assets for PEPE. Last but not least, the popular rapper Soulja Boy also interacted with the memecoin on Twitter.
The Market Turned Green
For starters, the impressive price increase of PEPE could be partially driven by the current positive condition of the cryptocurrency market. Bitcoin and most of the altcoins headed north shortly after the Federal Reserve announced another increase in interest rates by 25 basis points.
While the policy has caused price swings in the o
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