Pepe Token Surges to $6 Billion Market Cap, Becomes Biggest Meme Coin Launch of 2023

The Pepe (PEPE) token has become the biggest meme coin launch of 2023, with a market capitalization of $6 billion. Its recent surge in value is partly due to traders using it as a leveraged bet on the growth of the Ethereum ecosystem, with many anticipating the approval of a spot ether exchange-traded fund (ETF) in the U.S. Pepe (PEPE) has risen to become one of the top twenty tokens by market capitalization, with a 40% increase in the past week. The token was issued in April 2023 and has since become a meme coin mainstay, with some traders expecting it to eventually surpass the dog-themed shiba inu (SHIB), which currently has a market capitalization of $14 billion.