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PEPE Token Experiences Explosive 2251% Surge, Briefly Achieving 20 Million USD Valuation on BAGS
According to BlockBeats reporting on August 12, data from GMGN reveals that Pepe By Matt Furie’s PEPE token on the BAGS blockchain network momentarily achieved a market cap exceeding 20 million USD in a dramatic rally, before subsequently retreating to approximately 12 million USD. The token demonstrated remarkable trading momentum with 16 million USD in 24-hour volume, accompanied by an extraordinary 2251% price surge within the same period.
The astronomical climb witnessed by this meme-themed USD-denominated asset highlights the speculative fervor currently sweeping through emerging blockchain ecosystems. The token’s ability to attract such substantial trading activity—coupled with its meteoric percentage gains—underscores the ongoing appetite for high-volatility opportunities within the crypto community.
While the PEPE token initially pierced the 20 million USD market capitalization threshold, profit-taking pressures and market consolidation drove the valuation down to its current trading level. Such sharp corrections following dramatic surges remain characteristic of meme tokens trading on alternative blockchain networks, where liquidity dynamics and investor sentiment can trigger rapid value adjustments. The persistence of 16 million USD in daily trading volume suggests continued market interest despite the retracement from peak valuations.