PEPE, an Ethereum-based meme coin, has gained more than 120% in the past week, including 65% in the past 24 hours with its price reaching US$0.0000052547, as of 1 p.m. ET.

The token’s rally comes amid a broader market upswing, that has seen total cryptocurrency market capitalization surging to US$2.25 trillion for the first time since April 2022, CoinGecko data shows.

PEPE is the day’s top gainer among the top 100 cryptocurrencies.

The world’s largest cryptocurrency by market cap, Bitcoin, has been trading in the green for the past seven days with an 11% uptick.

Bitcoin traded at over US$57,000 on Tuesday, its highest level since December 2021.