Top crypto assets Bitcoin (BTC) and Ethereum (ETH) have been floating between 1.2% to 1.6% recovery gains so far on Monday, respectively, over the past 24 hours following a downturn in the broader crypto market. However, the meme token Pepe (PEPE) is up 77% against the dollar over the past weekend and is now 513.15% above its all-time low of $0.000000055142 per unit set on April 18, before stabilizing at $ .0000003 level on Monday, and its market capitalization has increased to $123 million as of now, just $24 million shy of its all-time high. Other top meme assets including Dogecoin (DOGE) and Shibu Inu (SHIB) are up between 1.2% and 1.4% today, while Dogecoin is up 10% over the past weekend.

Overall, the memecoin market doesn’t look ready for a breakthrough yet, being down 3.1% against the U.S. dollar over the past weekend and is currently trading at $18.9 billion. Eight of the top 10 meme coins posted daily gains on Saturday, led by the token in focus, the new crypto asset Pepe (PEPE). PEPE has rallied 77% over the past day.

Behind the liquidation of crypto assets are large U.S. investors, who are waiting for a broad correction in global markets due to weak reports on the U.S. regional business activity indexes and declining retail sales, as well as the looming drama with the U.S. debt ceiling threshold, which could be reached earlier than previously expected, already in June.