Pepe, an Ethereum-based memecoin, has rallied to a new all-time high of $0.000002322, increasing by more than 50% in the last 24 hours. The memecoin's market cap reached as high as $931 million before retracing to its current level of $864.54 million. Pepe is ranked as the 61st largest crypto asset by market cap, above several significant crypto assets like Terra Classic (LUNC), Huobi Token (HT), BitTorrent (BTT), MakerDAO (MKR), and others. Pepe's trading volume in the last 24 hours surpassed that of Dogecoin and Shiba Inu, standing at $647 million. The massive hype and strong community support have been the primary reason for its performance, coupled with the existing popularity of the Pepe frog meme.

(By Oluwapelumi Adejumo)