Dogecoin and Floki Rival PEPE Coin Skyrockets 61% as Santiment Drives Momentum

• The meme coin PEPE has seen a remarkable 61% growth in just two days, outpacing other market trends, thanks to substantial whale engagement.
• The coin recently celebrated a significant milestone, reaching a total holder count of 128,600 across various chains.

The cryptocurrency world is seeing another meme coin, PEPE, make headlines with an impressive growth spurt of approximately 61% in just two days, according to insights from Santiment, the on-chain data provider. Unlike other coins whose performance tends to correlate with market trends, PEPE has charted its own course, standing out with consistent growth even as the market began to falter after Bitcoin’s recent surge over the $30,000 mark for the first time since April.

The likely catalyst for PEPE’s unprecedented growth, as suggested by Santiment, is the heavy engagement of whales, or large-scale investors, as the coin continues its upward trajectory. In the last 24 hours alone, the coin registered a near 10% increase, marking a divergence from leading meme cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB), which have both shown a downtrend after recent gains, with DOGE falling 2.01% and SHIB sliding 3.43%.

However, on a seven-day scale, DOGE and SHIB showed an increase of 7.79% and 16.73% respectively. The significant growth in the crypto market and meme coins, in terms of price and trading volume, is largely attributed to Bitcoin’s surge above the $30,000 level, a development triggered by several major Wall Street firms, including Fidelity, launching their own crypto exchanges. Further, financial behemoths like BlackRock and Invesco have sought regulatory approval for Bitcoin-based spot ETFs, fuelling the market momentum.

Adding to its growth narrative, PEPE coin also recently celebrated a significant milestone – amassing a total of 128,600 holders spread across the Ethereum, BNB, and Arbitrum chains. Launched in April by an anonymous developer team, PEPE, based on the Pepe the Frog meme, stands out for having no intrinsic value or utility purposes and lacks a formal white paper.

An interesting market pattern highlighted by the @lookonchain “Smart Money” tracker is that whales, rather than holding PEPE for the long term, are buying on the dip and selling quickly as the price rises, maximizing their short-term returns. This dynamic activity appears to be driving PEPE’s current bullish run.

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