Pepe Coin Surges 16% — Leaves Dogecoin, Shiba Inu In Dust As Bitcoin Nears $29K

Pepe Coin PEPE/USD has witnessed a surge of 16% in the past 24 hours, surpassing meme coins with higher market capitalization like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

What Happened: While the overall cryptocurrency market turned green due to the recent announcement of crypto initiatives by financial services institutions, a few developments in particular seem to have worked in favor of Pepe Coin.

Deutsche Bank, a banking giant, said on Tuesday that it had applied for a license for digital asset custody in Germany. 

Additionally, EDX Markets, a crypto exchange that has been endorsed by financial industry players including Charles Schwab, Citadel Securities, and Fidelity Digital Assets, commenced trading of Bitcoin BTC/USD and Ethereum ETH/USD on the same day.

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Why It Matters: According to CoinMarketCap, Pepe Coin stands at the 86th position with a market cap of $429 million. 

As of Wednesday, Etherscan data shows that the token has 119,602 unique addresses holding it, indicating a rise in the number of token holders from early June. 

Pepe Coin has been inspired by the Pepe the Frog meme created by Matt Furie in 2005.

Price Action: At the time of writing, PEPE was trading at $0.000001095, up 16.50 % in the last 24 hours, according to Benzinga Pro.

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