Pepe Coin (CRYPTO: PEPE) surged by 9% in the last 24 hours, outperforming top meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) in terms of market capitalization.

What Happened: PEPE’s upward momentum coincides with a significant shift in the overall cryptocurrency market, triggered by prominent financial institutions like BlackRock, WisdomTree, and Fidelity filing for spot Bitcoin ETFs. 

This development has generated excitement among investors and had a positive impact on the wider crypto market, with popular meme coins like DOGE and SHIB also experiencing price spikes of 1% and 0.73% respectively in the last 24 hours.

According to data from CoinGlass, there have been significant liquidations of PEPE short positions, totaling $2.02 million in the past 24 hours, out of a total of $3.03 million in liquidations.

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Current Price: At the time of writing, Pepe Coin is trading at $0.0000017. This means that for a mere $1.59, one can acquire one million PEPE coins.

Pepe Coin made its debut on the Ethereum (CRYPTO: ETH) blockchain in April and swiftly gained traction in the market. By May 5, its market capitalization had surpassed $1 billion, igniting a new wave of meme coins that drew inspiration from the frog-themed phenomenon.

Read Next: Bitcoin, Ethereum, Dogecoin Rise After BlackRock Refiles Spot ETF: Analyst Says Traders ‘Impatient’ As King Crypto Remains Boringly Rangebound

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