Pepe is beating Dogecoin, Shiba Inu, Dogelon Mars in this bull run

Meme coins have not been left behind in the ongoing crypto bull run. Pepe, the relatively new meme token has become the best-performing meme token this week. The token has surged by more than 85% in the past five days and is trading at the highest point since August.

Pepe’s bull run has seen it outperform some of the other meme coins. Dogelon Mars (ELON) has risen by almost 30% while Dogecoin (DOGE) and Shiba Inu (SHIB) have surged by less than 20%.

Pepe’s surge has been accompanied by rising volume. While the token has a market cap of over $474 million, volume in the past 24 hours stood at more than $384 million. Most of Pepe’s volume is in Binance, which handled tokens worth over $120 million. OKX handled tokens worth over $70 million.

It is unclear why Pepe is doing better than the other traditional meme coins. A likely reason is that many traders are more interested in the newer ones. The other ones have had no clear catalyst.

For example, Dogecoin has made no major headlines in the past few months as Elon Musk has not mentioned it. 

A likely catalyst for Pepe is the ongoing token burn. The most recent data shows that the team has burned over 6.9 trillion tokens. Token burns reduce the amount of coins in circulation, making the remaining ones more valuable.

Pepe and other meme coins have risen because of the ongoing Bitcoin rally. Bitcoin rose to the important resistance at $35,000 on Tuesday, the highest level since May last year. This rally triggered a rally of other cryptocurrencies like Chainlink, CyberConnect, and Fetch.

Bitcoin has jumped as investors move to safety as bond yields plunge and as investors prepare for the upcoming ETF launch.