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Pepe (PEPE), the latest major player in the memecoin sector, has seen rapid success. Just a few weeks after its launch, the token entered the top 100 cryptos by market capitalization on Coingecko.
At the time of writing, it was ranked 84th after recording a price increase of more than 300% in the last seven days. According to Coingecko’s data, PEPE was trading at $0.00000128, up more than 23% in the last 24 hours, with a market capitalization of more than $539 million.
PEPE Made Whales Richer
The excitement around PEPE doesn’t seem to be dying down anytime soon; major exchanges have announced its listing. The latest of these was OKX, which announced the listing of the cryptocurrency on the spot trading market. Reportedly, PEPE/USDT trading began on May 1 and PEPE withdrawals will open on May 2.
DeFi Mochi, a popular Twitter user who shares insights on DeFi, highlighted in a recent tweet how several whales are making huge profits from the rise of PEPE. The tweet also mentioned a wallet that bought over $217,000 worth of PEPE at an average price of $0.000000259.
Over the following two weeks, the wallet made a massive profit of around $1.5 million. Another wallet bought the token at $0.000000235 with a volume of $223,000 and later realized a profit of $937,573.
PEPE’s Impact Could Be Bigger
Meanwhile, a popular Twitter user named Eric Cryptoman has pointed out an interesting possibility that could help the global crypto market grow further. According to his tweet, memecoins act as an anchor that attracts new investors to the market.
Many new investors start their crypto investment journey with memecoins and then expand their portfolios. Therefore, given the excitement around PEPE and the milestones it has achieved, it can be said that according to him, the future of memecoins looks bright right now.
Is the Market Confident?
A look at Santiment’s chart shows that the crypto market’s hopes for PEPE remain high. Memecoin’s weighted sentiment metric rose, indicating that positive sentiment about the token was dominant.
Social volume was also high, indicating the token’s growing popularity. Data from LunarCrush indicated that the coin’s bullish sentiment has increased significantly over the past week. On the other hand, memecoin’s exchange outflow has increased significantly, suggesting that buying pressure is increasing. As evident from the network growth metric, more new addresses were used to transfer the token.
PEPE’s daily active addresses have also increased recently. Considering the aforementioned metrics and PEPE’s high 1-week price volatility, the price is likely to rise further.
Finally, looking at all the factors mentioned above, it can be concluded that PEPE could face stiff competition from Shiba Inu and Dogecoin if it continues to outperform.
