Following the recent price rally of PEPE Coin, another trivial frog-themed memecoin has notably gained momentum.

Pepe (SOL), a memecoin with a similar name as PEPE COIN (PePe), is another frog-themed memecoin that runs on the Solana blockchain. While the memecoin presents a sustainable user experience for users, as the growing Solana network offers quick transactions and low fees, it is yet to outperform the PEPE Coin (PePe) memecoin.

However, the unprecedented rise in Pepe Coin’s price created a major buzz in the memecoin eco. This would end up directing a lot of attention to its namesake PEPE (SOL).

Surging by 1,860 percent between April 29th till May 2nd, the price value of Pepe (SOL) soared from $0.000078 to $0.00153. However, the newly attained milestone was short-lived. Holders of the token will go on to lose a significant amount after failing to secure profits. The asset recorded a massive dip in bring, that pushed IG all the way down to $0.00023 on the 7th of May.

At the time of this report, Pepe (SOL) is trading at a price of $0.0001285. According to our data, the price of the asset dropped by 18 percent within the last 24 hours.

The Pepecoin (PEPE) memecoin has remained unshaken in the green zone

Sentiments around Pepecoin are largely positive amongst members of the memecoin community. At the time of the report, Pepe is trading at a price of $0.09015, with a strong potential to continue soaring even higher. The asset has gained over 15 percent in the last 24 hours. Additionally, the asset has recorded over 35 percent in 7day gains, and the market cap is on the verge of hitting $3 million.

Recently, Eric Cryptoman, a popular memecoin proponent and Pepecoin supporter highlighted Pepe’s performance on Binance, as the asset rose by more than 50%.

Can we take a minute to appreciate the volume $PEPE is getting on @binance on a weekend.

Truly incredible. A few weeks ago people were fudding this as being low liquidity, now it's more liquid than $XRP & $BNB.@cz_binance pic.twitter.com/B5nQUQiycJ

— Eric Cryptoman (@EricCryptoman) May 13, 2023

However, other key crypto proponents still remain critical of the asset and the entire memecoin market.

Memecoins are rising in popularity as adoption skyrockets, courtesy of the perceived benefits that these unique crypto assets offer. These assets are especially notable for their ability to surge significantly on different occasions.

However, the dump recorded is also just as intense. This has resulted in memecoins gaining a bad reputation for their intense volatile levels that could do more harm than good to investors and traders alike.