Pepe Coin Outperforms Dogecoin, Shiba Inu: Less Than $1 Worth Pepe Coin Can Make You A Meme Coin Millionaire Today

Pepe Coin PEPE/USD has emerged as the top meme coin performer, surpassing both Dogecoin DOGE/USD and Shiba Inu SHIB/USD in the past 24 hours. At the time of writing, PEPE was trading at $0.0000006785, registering a growth of 2.01%. SHIB and DOGE, on the other hand, experienced gains of 0.88% and 1.12% respectively.

What Happened: The recent surge in PEPE’s value can be attributed to the overall positive sentiment in the market following the release of inflation Consumer Price Index (CPI) data. According to the Bureau of Labor Statistics, consumer prices witnessed an upward trend, primarily driven by a surge in oil prices.

In August, the CPI rose by 0.6% compared to the previous month and 3.7% compared to the previous year. These figures exceeded economist forecasts of a 3.6% annual increase.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

Bitcoin BTC/USD and Ethereum ETH/USD, the two leading cryptocurrencies, also experienced marginal growth of 1% and 1.12% respectively, reflecting the generally positive trend in the market.

With PEPE currently trading at $0.68, achieving millionaire status with PEPE could be possible for a mere $0.68 investment.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: Data from the market intelligence platform Santiment reveals a significant increase in the amount of PEPE tokens being deposited on exchanges, soaring from 116 billion coins to 950 billion tokens since September 9. Additionally, active deposits of Pepe Coin surged from 73 to 170 transactions at the time of writing.

Nevertheless, Pepe Coin faced challenges in recent weeks. On August 24, the project’s founding team members unilaterally transferred $16 million worth of PEPE tokens to exchanges, leading to concerns within the community about a potential “rug pull scam.” This incident resulted in a 30% decline in the PEPE market.

Adding to the turmoil, Pepe Coin’s accredited Telegram channel was hacked by an anonymous entity known as “lordkeklol” on September 9, as confirmed by the project’s official X (formerly Twitter) handle.

Photo by dCrypto on Shutterstock

Market News and Data brought to you by Benzinga APIs