PEPE price spikes by 35% as ongoing cryptocurrency recovery is driven by the surprising upsurge of Ethereum (ETH)

Pepe (PEPE), a major community-driven meme coin, is the fastest-growing cryptocurrency today in the top 200 coins.

Cryptocurrency prices rose on Wednesday, with surprising gains of Ethereum (ETH) pulling the second-largest crypto into the spotlight. However, some meme coins outshined Pectra Ethereum (ETH), scoring unmatched short-term gains.

Top meme coins soars as traders return to risky assets

A major community-driven meme coin, Pepe (PEPE), is the fastest-growing cryptocurrency today in the top 200 coins. In just 24 hours, the PEPE price added over 35% and peaked at $0.00001338.

With this excellent upsurge, PEPE is back to the top 30 cryptocurrencies by market cap. PEPE market capitalization exceeded $5.5 billion, the highest since Feb. 1.

Twenty-four-hour trading volume reached an impressive $4.8 billion.

Other top-tier meme coins are also delivering impressive gains today. The Bonk (BONK) price reached $0.00002209 in 24 hours after a 18% upsurge, while Floki (FLOKI) managed to get back to the top 100, hitting $1 billion capitalization for the first time in weeks.

Shiba Inu (SHIB), the second largest meme coin, is up by 10.2% today. The SHIB price reached $0.00001507, while its market cap is targeting $9 billion.

Dogecoin (DOGE), the top meme crypto, added 9.2% and strengthened its position as the seventh largest altcoin. The DOGE price smashed a major resistance at $0.20.

Virtual Protocol, AI16Z among top gainers in crypto market today

Cryptocurrency owners are also optimistic today. Virtual Protocol (VIRTUAL) jumped by 20%, while Ai16Z (AI16Z) is 17% up in the last 24 hours.

Based Brett (BRETT), the largest meme cryptocurrency of the Base ecosystem, increased its capitalization by 22% and is close to returning to the top 100 meme cryptos.

In total, cryptocurrency market capitalization increased by 3.4% in the last day, which is the fastest upsurge in weeks. Ethereum (ETH) surprisingly jumped over $2,400, which caused enormous liquidations of shorts.

Over $1.1 billion in short positions were erased by a surprising market rally.