Market participants put the move on attempts to bring meme mania back to the crypto market.
Pepecoin (PEPE), based on the Pepe the Frog internet meme, is up more than 120% over the past 24 hours, CoinMarketCap said.
Ethereum gas fees have been revived by the return of memecoins, just today hitting 1-year highs."
"As gas fees increase, more ETH is burned, and at current activity levels ETH is a deflationary asset, which should help boost ETH's price," Ryder added.
"In the last 24 hours, trading volumes for PEPE on Uniswap have surpassed the volumes of Tether and Wrapped Bitcoin, some of the highest volume tokens on the exchange."