Pepecoin Doubles to $500M Market Cap as Memecoin Fever Steals Bitcoin's ETF Thunder

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Popular meme coin Pepe has doubled in a week to a $500 million market cap as traders anticipate the etchings of a spot. Bitcoin ETF induced bull market. Pepe at one point rose to a $1.6 billion market cap in early May rivaling the likes of Doge and she. However, the hyper rapidly wore off as the market cap slipped to $244 million earlier this month. Yet on Wednesday, a post on Pepe's X page revealed that more than 100 and 55,000 individual wallets were holding the token trading volume had reached $423 million. A 22% rise from the previous day. According to coin market cap, the recent gain came attributed to a $5.5 million token burn that took place on Tuesday which alleviated fears of a rogue developer potentially selling tokens on the open market. That's it for today's chart of the day. I'm Jen San Asi. We'll see you next time to unpack more of the data behind top news stories.