The meme-inspired cryptocurrency $PEPE has seen its price surge by nearly 16% over the last 24 hours, in a rally that saw it outperform rival memetokens Dogecoin ($DOGE) and Shiba Inu ($SHIB) amid a wider crypto market recovery.

According to available market data, the price of the flagship cryptocurrency Bitcoin ($BTC) has similarly also recently surged to now trade at $28,900 after moving up over 8% in the last 24 hours.

While the price of PEPE is up by double digits, Shiba Inu’s price moved up around 4.7% over the same period, with Dogecoin moving up around 4.55%. It’s unclear what’s behind PEPE’s outperformance amid the crypto market recovery.

PEPEUSDT Chart via TradingView

Cryptocurrency prices started rising after financial giants submitted applications for spot Bitcoin exchange-traded funds (ETFs). These institutions include the world’s largest asset manager, BlackRock, and $1.5 trillion asset manager Invesco and $85 billion asset manager WisdomTree.

Moreover, Germany’s largest banking institution Deutsche Bank has reportedly submitted an application for a digital asset custody license to the Federal Financial Supervisory Authority (BaFin), the nation’s financial watchdog.

Data from the Ethereum blockchain reveals that $PEPE is currently held by over 119,600 unique addresses, implying a substantial increase in the number of token holders since the beginning of June.

PEPE, as CryptoGlobe reported, is a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.

Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

Featured image via Unsplash.