The meme-inspired cryptocurrency, PEPE, has experienced a remarkable surge of nearly 40% in its price over the past 24 hours.

This rally has positioned PEPE as an outperformer when compared to its rivals, Dogecoin (DOGE) and Shiba Inu (SHIB), amidst a broader recovery in the cryptocurrency market.

As Bitcoin (BTC) also enjoys a significant price increase, surpassing $30,000, the reasons behind PEPE’s impressive performance remain unclear.

While PEPE has witnessed a double-digit surge, Shiba Inu has seen an approximately 8.5% increase in price, and Dogecoin has moved up by around 6.5% during the same period.

The factors contributing to PEPE’s outperformance amidst the market recovery are yet to be determined. However, the overall rise in cryptocurrency prices can be attributed to the recent applications for spot Bitcoin exchange-traded funds (ETFs) by major financial institutions.

Industry giants such as BlackRock, Invesco, and WisdomTree have submitted these applications, indicating growing institutional interest in the crypto market.

The surge in cryptocurrency prices has been further supported by Germany’s Deutsche Bank, which reportedly submitted an application for a digital asset custody license to the Federal Financial Supervisory Authority (BaFin).

This move highlights the increasing acceptance and adoption of digital assets by traditional banking institutions.