PEPE, another change to gain massive return after DOGE & SHIB.
Aiming to be the next Meme Coin, PEPE Token soars to $500M as Meme Coin hits a $502M market cap and following a 2,100% rise since it was issued last month
PEPE matrices showed a bullish signal and increased 23% in the last 24 hours.
Wallets holding PEPE tokens – excluding centralised exchanges – hold more than $5 million worth, according to Ethereum block explorer Etherscan.
The major exchange has announced its listing; As of Tuesday, BitMEX has started listing perpetual swaps for PEPE, allowing traders to trade the volatile asset with leverage of up to 50 times. In the past weekend, PEPE has risen by 350%.
Recently emerged as a major player in the meme coin space, Pepe [PEPE] has been achieving amazing results. A few weeks after the token’s launch, CoinGecko listed it among the top 100 cryptocurrencies.
JUST IN: $PEPE entered top 100 on https://t.co/k4aUfne70j after hitting new all time high $0.00000107 pic.twitter.com/pyIXgrq1sn
— CoinGecko (@coingecko) May 1, 2023
As major exchanges announce PEPE’s listing, the hype continues. Last week, OKX announced the listing of the coin on its spot market. Withdrawals for PEPE will be available on 2 May, with trading in PEPE/USDT beginning on 1 May.
Related: OKX will list Pepe (PEPE) for spot trading
Whales became richer because of PEPE
Twitter user DeFi Mochi recently posted an insight about how whales benefited from PEPE’s rise by churning out huge profits. Furthermore, it noted that the wallet bought PEPE worth $217,500.
The wallet generated a profit of nearly $1.5 million over the next two weeks. It later sold for $937,573 to another wallet with the same volume of $223,000.
Wallet No. 1️⃣ 0x9bcb2
This wallet bought a heavy stack of $217k worth of $PEPE at the $0.000000240 mark and accumulated at an avg cost basis of $0.000000259 (its now $0.00000128).
This has netted him a fat profit of $1,493,057 💵 over just 2 weeks
2/6 pic.twitter.com/L3Bq05GasE
— Defi_Mochi (mochi, mochi 🍡) (@defi_mochi) May 1, 2023
This may not be the full extent of PEPE’s impact
An interesting possibility has been highlighted by a popular Twitter handle named Eric Cryptoman. This can contribute to the global crypto market’s further growth. According to his tweet, the meme coin is an anchor to attract new investors to the market.
Stories emerging from coins like $SHIB and $DOGE and now $PEPE are what really brings retail into the space.
Many of these people will start with memes and end up diving into the ecosystem and eventually place bets into things that can shape the future.#Bitcoin is great at… pic.twitter.com/hH9n1oKeDU
— Eric Cryptoman (@EricCryptoman) May 1, 2023
Meme coins have historically been the first crypto investment opportunity for new investors, who add to their portfolios as their knowledge grows. It can be concluded, therefore, that meme coins have a bright future considering the hype around PEPE and its milestones.
Investors are confident in the market
Looking at the sentiment chart, PEPE’s prospects continue to look positive. Positive opinions about the meme coin were predominant, as determined by its weighted sentiment metric.
Market sentiment for PEPE remained high based on the sentiment chart. Positive opinions about the meme coin have increased in the weighted sentiment metric, indicating that most people think positively about it.
Source: Santiment
Meme coin, however, experienced substantial exchange outflow, indicating greater buying pressure. Token transfers grew in number, as evidenced by network growth metrics. Also, PEPE has an increased number of active addresses. A further uptick in PEPE’s price is likely based on the abovementioned metrics.
Source: Santiment
Last, if PEPE continues its outperformance, Shiba Inu and Dogecoin might face stiff competition.