Ethereum-based Pepe posted 92% gains over the last 24 hours to become the third-largest meme coin by market cap.

Pepe launched on April 17, going from zero to a current market cap of $448.9 million — netting early investors huge profits and sparking calls for meme season.

Over the past week, multiple tweets have posted stories of ‘degens’ ‘yeeting’ relatively small sums into Pepe to become overnight millionaires — generating a level of FOMO last seen during Dogecoin’s 2021 run to $0.74.

Amid general market weakness, Pepe’s strong run of form has leapfrogged FLOKI and Baby Doge Coin to become the third biggest meme coin by market cap.

However, overtaking second-placed Shiba Inu is a bigger ask, as it is currently more than ten times the value of Pepe.

The four-hour chart below shows an uptrend rising on April 29 around 13:00 GMT, taking Pepe from $0.0000003316 to a peak of $0.0000012 in the early hours of today — a 275% increase.

Gains from the local bottom of $0.000000055142 on April 18 equate to a 1,887% increase — meaning $1,000 invested then would now be worth $21,400.

As is typical with meme coins, the Pepe token has no notable use case – other than being associated with Pepe the Frog — originally a character in the Boy’s Club comic book created by Matt Furie in 2005.

Its CoinMarketCap page states Pepe is a deflationary meme coin created as a tribute to the cartoon character. The page also mentions a redistribution system to reward long-term stakers and a burning mechanism.

Contract analysis conducted by Go Plus Labs highlights three attention items for Pepe. They are:

David Wood tweeted that Pepe devs can increase transaction tax. However, this contradicts Go Plus Labs’ analysis, which stated the contract owner could not modify the transaction tax.

Per CMC, the creators of Pepe are anonymous, and there is no information on the team.

The post Pepe pumps 80%, now third largest meme coin by market cap appeared first on CryptoSlate.

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