Memecoins
Pepecoin dethrones Dogwifhat as the third most valuable Memecoin
Amid the ongoing altcoin frenzy triggered by new speculation on Ethereum spot ETF approved Tomorrow in the United States, the frog-themed meme coin Pepe (PEPE) saw significant retail attention. With an increase of more than 25% in the last 24 hours, Pepe has managed to dethrone dogwifhat (WIF) as the third most valuable meme coin by market capitalization.
Pepe’s daily trading volume now stands at a staggering $3 billion, eclipsing even that of Dogecoin (DOGE), which stands at around $2.58 billion.
The Rise of PEPE: Understanding the Factors
The meme coin industry is experiencing a resurgence, with its value rising to around $62 billion, boasting an average daily volume traded of around $10 billion.
Pepe’s significant rise to a new all-time high is largely attributed to the high liquidity of over $60 million in WETH. As a result, whale and retail traders can trade Pepe without liquidity issues.
Now is the time for decisions
More importantly, the Ethereum ecosystem has reached an inflection point that will be disturbed by tomorrow’s final decision on VanEck’s US spot Ether ETF.
The rotation of liquidity from Bitcoin to Ethereum, as illustrated by the reversal of the ETH/BTC pair and the dominance of BTC, has significantly supported Ether based altcoins.
Transaction tracking
Recent days have seen a flurry of activity among Pepe’s early investors, with substantial liquidations spotted by on-chain analysts at Lookonchain. Notably, a single trader deposited over 201 billion Pepe tokens, worth approximately $2.83 million, into the Bybit exchange in a 24-hour period.
Another early investor, who turned an initial investment of $462 into a staggering $3.4 million, made headlines by depositing over 182 billion Pepe tokens on Binance in the same time frame.
Meanwhile, a week ago, BlockTower capital purchased 202 billion Pepe via Cumberland, thus earning over half a million dollars.
Also check: Should we expect volatility in Cardano (ADA) and Ripple (XRP) prices this month?
Pepper on the Moon?! Will you resist or will you cash in before it collapses?