Pepe, the meme coin featuring a frog theme, has stood out among its memecoin counterparts with an impressive 11% surge within the past day. At the current moment, Pepe is valued at $0.0000129, with a trading volume of $1.27 billion in the preceding 24 hours. Over the course of the last seven days, this memecoin has witnessed a remarkable 50% increase and an astounding 1372% surge in the past year.

The market cap of this cryptocurrency has also experienced a 9% rise, reaching $5.43 billion. Despite this growth, Pepe still lingers 23% below its peak value of $0.0000167 recorded on May 28, 2024.

An intriguing observation reveals that Pepe had initially encountered a declining trend alongside the broader cryptocurrency market, evident from its 11% decrease over the past week, according to data from CoinMarketCap.

The recent surge in price follows a significant acquisition by a large investor, prompting speculations of a potential rally for Pepe. On June 11, the on-chain analytics platform Scopescan reported that a whale withdrew 256 billion Pepe coins valued at $2.9 million from the crypto exchange Bybit. This whale had previously deposited 200 billion Pepe coins, worth around $2.8 million, to the platform following a price surge in May. The withdrawal of such a substantial amount by the whale, amassing a total of 291 billion Pepe coins valued at approximately $3.5 million, signals renewed interest in the meme coin. This acquisition may have reinstated confidence in the asset's outlook, urging retail investors to reassess their positions.

Another potential reason for Pepe's recent surge could be its potential listing on leading cryptocurrency exchange Coinbase. Previously, the exchange had induced a price spike for Pepe by introducing a perpetual futures market for the token on April 18.

Pepe continues to dominate the memecoin market as the most traded meme token, surpassing other popular players such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki, and Dogwifhat (WIF). Among these major meme players, only WIF, Bonk (BONK), and Book of Meme (BOME) displayed gains in the last 24 hours. WIF observed a modest 1% increase, while BOME managed a marginal 0.60% rise. Notably, BONK exhibited significant growth, soaring by 8.5% and trading at $0.000028 at the time of writing.

In contrast, the global cryptocurrency market faced a decline of 0.67%, leading to a market cap of $2.45 trillion. Bitcoin, the dominant cryptocurrency by market capitalization, saw a 0.65% drop in the past day, now priced at $67,338.