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Ethereum-based Pepe (PEPE) token has skyrocketed by over 120% in the last 24 hours, securing its position as the third-largest meme coin by market capitalization.

This 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 and igniting calls for meme season.

Currently, the PEPE token was changing hands at $0.000001372, up 126% over the last 24 hours and 360% in the previous week, according to data retrieved by Finbold from CoinMarketCap on May 1.

In recent days, numerous tweets have emerged detailing stories of adventurous investors throwing relatively small amounts into Pepe and instantly transforming into millionaires – stirring up a level of FOMO fear of missing out) reminiscent of Dogecoin’s epic rally to $0.74 in 2021.

Despite the overall market’s weakness, Pepe’s impressive performance has outpaced that of FLOKI and Baby Doge Coin, propelling it to the position of the third-largest meme coin by market cap.

PEPE is now the 3rd largest meme coin

Challenging the second-placed Shiba Inu (SHIB) is a much more significant feat, as it currently holds a market cap of more than ten times that of Pepe.

Notably, Finbold highlighted Pepe as one of the next five meme coins with the potential for massive growth in 2023, earlier on May 1. Interestingly, as is common among meme coins, the Pepe does not possess any significant use case beyond its association with Pepe the Frog, a character featured initially in Matt Furie’s 2005 Boy’s Club comic book.