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Pepe Price Soars 18%, Leading Crypto Bull Run, New Solana Meme Coin ICO Also Rising
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The price of popular meme coin Pepe (PEPE) has soared 18% in the last 24 hours to trade at $0.00001111with the token’s trading volume increasing 184% to $2.34 billion.
Crypto.com inspires traders to buy Pepe
A likely reason for the increase in Pepe’s price, and especially volume, comes from a post published by the exchange Crypto.com on May 15.
The popular trading platform has launched a campaign on the Pepe app, offering investors the chance to win tickets to UFC 303 and a share of $50,000 in PEPE.
To qualify for the event, they must purchase or trade at least $50 worth of frog meme coins to participate.
The event will last until May 29th, giving investors and traders about another week to participate. Sure enough, the event caused many to buy the meme coin, thus increasing its price due to increased demand.
A cryptography expert behind the YouTube channel TodayTraderwith 11.7k subscribers, said Pepe is the meme coin leading the rise in this bull run in his recent video.
Roaring Kitty’s return is still pushing prices up
Pepe’s surge comes amid a broader rise in meme coins that saw most meme-based cryptocurrencies trade in the green on May 21.
The sector saw a surge in interest last week after legendary trader and investor Roaring Kittenreturned to the commercial world after an absence of 3 years.
Roaring Kitty withdrew from the public in 2021 after participating in what is now known as the GameStop short squeeze.
At the time, institutional investors were shorting shares of GameStop and several other companies for their own profit, not caring about the possibility of financially destroying these companies along the way.
Roaring Kitty and other amateur investors from a subreddit known as WallStreetBets decided to help the projects through mass purchases of shares, which resulted in their prices rising, causing the institutions to lose money.
Roaring Kitty’s return caused GameStop’s stock price to briefly rise, but once the meme stock rose, the meme coin soon followed.
New Solana Coin Meme Sealana
While Pepe’s rising prices are a great opportunity for meme coin investors and traders to make some money, an even bigger opportunity could be waiting for them in the Solana ecosystem.
Last month, the Solana network saw the start of a new pre-sale of a meme coin called Sealana (SEAL).
As the name suggests, this is a seal-based project that stands out from all the frogs, cats, dogs and sloths that have dominated the meme coin sector in recent months.
The project is humorous and fun, and unlike most modern meme coins, it doesn’t try to compete with others by adding DeFi features like staking. Instead, Sealana has returned to what it means to be a meme coin, offering users a token that exists simply for fun.
Although it seems simple, it could be exactly what industry participants needed. O Sealana pre-sales got off to a slow startbut it exploded a few weeks ago and is now at $2.2 million raised and counting.
Its token, SEAL, sells for $0.022 per unit and can be purchased with ETH, USDT, BNB, SOL or credit/debit card.
*Cryptonomist did not write the article or test the platform.