Cryptochronicle.xyz, a leading crypto news site, reported that PEPE, an Ethereum-based memecoin, reached a new all-time high on May 14, peaking at $0.0000110. Although it slightly dipped to $0.0000109, market sentiment remains bullish.

PEPE’s market capitalization now stands at $4.5 billion, making it the 25th largest cryptocurrency. The trading volume surged by 261% in the last 24 hours, making PEPE the most actively traded memecoin, surpassing Dogecoin.

The return of Keith Gill, also known as “Roaring Kitty,” to social media has sparked renewed enthusiasm in the memecoin market. Gill, who fueled the 2021 Gamestop short squeeze, has caused speculation about another meme stock rally.

The overall memecoin market is on a bullish trend, with its market capitalization increasing by nearly 4% to $54.1 billion. Trading volumes have also soared by nearly 137% to $10.6 billion.

As the memecoin mania grips the market, memecoins have the potential to ride the wave of enthusiasm and see significant gains in the future.

In related news, a Solana trader reportedly managed to capitalize on the volatility of meme-themed tokens and secured $23 million in profits.

Aaron, a crypto analyst with a Master’s degree in Economics, Politics, and Cultures of the East Asia region, has vast experience in the FinTech industry. He is a go-to person for everything related to digital currencies and strives to make blockchain and Web3 education more accessible to beginners. Aaron has been quoted by various established outlets and enjoys researching market trends in his free time.