Ethereum-based PEPE token has surged by over 120% in the last 24 hours, becoming the world's third-largest meme coin by market capitalization. The digital asset was launched on April 17 and has rapidly climbed to a current market cap of $578 million, generating enormous profits for early investors.

Despite lacking any significant use case beyond its association with Pepe the Frog, PEPE's impressive performance has outpaced that of other meme coins like FLOKI and Baby Doge Coin. This surge has sparked FOMO among investors and ignited calls for meme season. Finbold previously highlighted PEPE as one of the next five meme coins with potential for massive growth in 2023. The content on this site should not be considered investment advice.