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The majority of the cryptocurrency market continues its stagnant trend with relatively small-scale rises, with a market value of $1.17 trillion. However, there is significant movement in the altcoin market, particularly in the memecoin sector. Pepe (PEPE), one of the most trending altcoins at the moment, has reached $0.000001338 with an 8.66% increase in the last 24 hours, according to data from CoinMarketCap. It has started to keep up with the rising wave of memecoins.
Memecoin Hype and Pepe (PEPE)
The memecoin market has always been the center of attention with every price movement that leads to a bull rally, attracting significant interest with substantial increases. However, the rise in PEPE’s price seems to be a move to end the week on a positive note against its competitors, particularly Shiba Inu (SHIB) and Dogecoin (DOGE), rather than a bull market movement.
Although PEPE’s price gains attention from investors as the only strong alternative against Dogecoin and Shiba Inu, the project has not yet been able to present an interesting innovation or use case to solidify its community’s loyalty. However, it is observed that whales are showing interest in memecoins and have made a series of purchases in PEPE to not miss a potential major opportunity.
Popular on-chain analytics provider Lookonchain reported that approximately 486 billion PEPE tokens, worth around $604,000, were purchased in one of the recent major whale buy-ins for memecoins.
PEPE Token Follows in the Footsteps of Its Peers
With the interest shown by whales and the beginning of individual investor involvement, PEPE has reached similar levels to SHIB and DOGE. While Shiba Inu rises with the excitement of the release of its Layer 2 Blockchain, Shibarium, and Dogecoin rises with speculation about the upcoming integration of X, the rise in PEPE does not have a clear basis.
Market analysts and experts emphasize that as long as the price of the top memecoins DOGE and SHIB continues to rise, PEPE is likely to follow this upward trend.
