Memecoin Mania: Pepecoin and Dog-themed Cryptocurrencies Surge, But All-Time Highs Remain Elusive

Pepecoin, the frog-themed cryptocurrency, has experienced a significant rally overnight, with a surge of nearly 14%. Currently valued at $0.00000120 per coin according to CoinGecko, this means that 84 million PEPE tokens are only worth $100. However, when looking at the rise over the week, the cryptocurrency has soared an impressive 90% since last Thursday.

Pepecoin derives its name from the Pepe the Frog meme created by artist Matt Furie. Initially, the meme was appropriated by the alt-right political movement and a large portion of the crypto community. In response, Furie issued a series of non-fungible tokens (NFTs) to reclaim his creation. Nonetheless, the token's backstory took a backseat as it began to make its holders significantly wealthy. In fact, one investor managed to turn $250 into $1 million in just four days, on paper at least.

However, no memecoin rally would be complete without the presence of the market's favorite dog-themed cryptocurrencies. Dogecoin, similar to Pepecoin, has seen a double-digit rise since yesterday, currently reaching $0.73. When considering the week as a whole, DOGE has experienced a soaring 25% increase. Shiba Inu, another dog-themed coin, has also witnessed a 7% jump overnight and an additional 18% rise since last Thursday. Similarly, FLOKI, another cryptocurrency inspired by dogs, has surged over 20% in a single day and 70% over the week.

Despite these bullish trends, it's important to note that most assets, including those like Solana that have enjoyed more than a 33% gain since last week, are still far from their all-time highs. For instance, SOL needs to rise another 87% to reach its previous peak in 2021. The same is true for PEPE, which is still down more than 70%. DOGE and SHIB also require a 90% increase to reclaim their previous highs.

In conclusion, while the recent rallies of Pepecoin, Dogecoin, and other dog-themed cryptocurrencies have garnered attention, it's crucial to keep in mind that these assets are still far from their previous peaks. The cryptocurrency market remains volatile, and substantial gains are necessary for these tokens to reclaim their former glory.