Usman Salis
Pepecoin (PEPE) has experienced significant growth, riding the wave of the memecoin craze and setting new records in the crypto market.
Pepecoin Sets New Records in the Crypto Market
The crypto universe has recently been captivated by the rise of new tokens inspired by internet memes, with Pepecoin (PEPE) leading the charge. These memecoins have experienced meteoric growth, overshadowing other altcoins. Since its inception, PEPE has reached impressive milestones, and its journey is far from over.
The recent approval by the SEC of Ethereum ETFs has significantly boosted the prices of Pepecoin and Floki, increasing by more than 27% in one week. Both of these altcoins, built on Ethereum’s ERC-20 standard, are now closely following the rhythm of the crypto markets. This surge has brought increased attention and activity to Pepecoin, positioning it as a prominent player in the market.
Rise in Active Addresses Holding PEPE
Crypto enthusiasts have witnessed a significant increase in the number of blockchain addresses transacting in Pepecoin (PEPE). Over the past 30 days, the number of daily active addresses holding this meme crypto has surged by 230%, reaching 9,830, according to IntoTheBlock data. This rise far surpasses that of its counterparts, with Floki’s active addresses increasing by 179% and Dogecoin’s by 10%, reaching 53,000.
Pepecoin, launched last April to relative indifference, has seen a resurgence, driven by the meme trend. This trend, while volatile and risky, has become a notable phenomenon in the crypto world. On Memorial Day, Pepecoin reached a new high of $0.00001698, marking a 1,000% annual rise. Although the momentum faltered slightly on Thursday with a 6.09% drop, 97% of PEPE holders are recording gains, with only 2.73% breaking even.
Pepecoin's Position in the Crypto Market
With the growing recognition of digital assets on Wall Street and the approval of related financial products, memecoins like Pepecoin generate both enthusiasm and concern among experts. Despite potential pitfalls, the appeal of these digital curiosities to traders remains strong. Pepecoin is currently ranked 22nd among cryptocurrencies, with a market cap of $6.75 billion, and ranks 7th in 24-hour trading volume, with $1.7 billion traded.
In conclusion, Pepecoin’s performance reflects a determined effort to establish itself among the leading cryptocurrencies. Its impressive growth and the increasing number of active addresses highlight its potential to remain a significant player in the market. As the memecoin craze continues, Pepecoin is poised to capture the attention of investors and traders, proving that even the most improbable assets can achieve remarkable success in the blockchain world.
Usman Salis
