• In the past week, the PEPE coin has exhibited a remarkable 38.14% growth, reaching $0.000001615 with an overall surge of 2734% since its April launch.
• Despite recent success, doubts about PEPE’s future persist due to the perceived lack of substantial utility.

Over the last few weeks, memecoins have been catching up with the rally in the broader altcoin space throughout the year, and the PEPE coin has been one of the leading contributors in this space.

As of the press time, PEPE has experienced a notable 5% increase in the last 24 hours, reaching $0.000001615. This upswing extends PEPE’s overall growth over the past seven days to an impressive 38.14%. Since its launch in April this year, the PEPE coin price has been up by a staggering 2734% so far.

In a notable solo ascent, PEPE demonstrates its strength by fostering a vibrant community that envisions surpassing Shiba Inu (SHIB) in the future. Unlike the multitude of meme coins emerging weekly, PEPE has successfully transitioned into the mainstream since its inception earlier this year. Rising from initial skepticism to become the 83rd largest coin with a market capitalization of $638,467,882, PEPE is still around 64% below its all-time high (ATH). The pivotal question arises: can PEPE’s recent surge be sustained in the short term?

Presently, the token seems to benefit from heightened trading volume and a positive overall market sentiment. However, lingering doubts about its future potential persist due to the perceived lack of substantial utility.

PEPE Coin Must Do More to Stay Relevant

While the PEPE coin has witnessed success in the early days of its launch, the ecosystem and team should do more to stay relevant in the market among its peers.

Despite several months since its market introduction, PEPE finds itself in a position where its relative newness might offer some leeway. Nonetheless, the project’s core developers could draw valuable insights from other meme coins like SHIB, FLOKI, and BabyDoge.

Each of these tokens has demonstrated a commitment to utility by launching at least one product. For instance, Shiba Inu introduced Shibarium, Floki unveiled TokenFi for tokenization, and BabyDoge presented a text-to-image generator. In contrast, PEPE currently lacks any tangible offerings for its community. While the present situation appears stable, the narrative could shift as traders may gravitate toward protocols that provide added value.

The Rein of the Memecoins

The 10th-anniversary celebration of Dogecoin marked a noteworthy milestone for the meme token, prompting a surge of over 16% in its community in the last 24 hours.

Furthermore, the support garnered during Dogecoin’s 10th anniversary celebrations had a ripple effect on PEPE and SHIB, resulting in significant price increases. At present, the leading meme token DOGE is hovering around $0.1026, showcasing an impressive upside movement of over 16% in the last 24 hours. Similarly, SHIBA is trading near $0.000009933, demonstrating an impressive upside movement of over 10%, and PEPE is presently trading near $0.000001577, with a substantial upside movement of over 15% in the last 24 hours