The Pepe (PEPE) coin has emerged at the forefront of the crypto market today after an impressive rally. In the last day, the meme coin’s price has risen by over 50% amid wild speculation and bullishness as the Bitcoin price touched $57,000 for the first time in more than two years.

Why Is PEPE Price Surging?

The current uptrend being recorded by PEPE is not out of the ordinary, but there is no single factor driving the price either. As crypto investors regain their bullishness, coins which have previously failed to rally seem to be taking front and center this time around, and the meme coin fits this narrative perfectly.

After being sidelined for months by the likes of Solana-based BONK and WIF taking up all of investors’ interest, attention is turning back to Ethereum meme coins once again. PEPE, which is currently the second-largest meme coin on the Ethereum blockchain, offers similar popularity to the likes of Dogecoin and Shiba Inu, but with a market cap below $1 billion, holds the promise of more upside as well.

The PEPE coin is currently trending on Twitter, with more than 53,000 posts on the topic. This suggests a rising interest in the coin, thereby giving it the boost it needs to continue to surge. At the same time, there has been a significant uptick in the daily trading volume of the meme coin.

According to CoinMarketCap, the trading volume has been up 359% in the last 24 hours, reaching $751 million at the time of writing.

Gunning For Third-Largest Meme Coin

The PEPE rally has made it the best-performing meme coin in the last day. With its 52% increase during this time, it has pushed ahead and is now hot on the heels of BONK. BONK is currently the third-largest meme coin in the space after overtaking PEPE late last year. However, the latter is back with a vengeance, with less than $20 million now separating the two.

In the last week, PEPE’s price is up 79%, while BONK is seeing meager gains of 8.8% in comparison. There is also a wide disparity in their daily gains of BONK’s 16.2% compared to PEPE’s 52.8%, according to data from CoinGecko.

PEPE’s market cap is now sitting at $895 million compared to BONK’s $908 million. In terms of daily volume, the latter also pales in comparison to the former, with PEPE at $778 million and BONK at $200 million. Given this wide disparity, if PEPE continues to outperform today, then it will quickly reclaim the third spot.

Other meme coins that have seen significant upside over the past day as well include WIF and FLOKI. WIF has risen to a new all-time high after a 50% surge brought it to $0.57, bringing its market cap to $570 million, before settling back down around $0.53. On the other hand, the FLOKI price is up approximately 19% in the same time period to bring its market cap to $434 million.