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- PEPE’s listing on major exchanges and recent price hike have sparked hype around the memecoin.
- New investors starting their crypto investment journey with memecoins is a possibility that can help the global crypto market grow further.
PEPE’s Recent Success
PEPE has quickly emerged as a major player in the memecoin sector. In just a few weeks after its launch, the token entered the list of the top 100 cryptos by market capitalization on Coingecko. At press time, it sat on the 84th spot after registering a more than 300% price hike in the last seven days.
As per Coingecko’s data, PEPE was up by more than 23% in the last 24 hours and was trading at $0.00000128 with a market capitalization of more than $539 million.
OKX, one of the major exchanges, has announced the listing of PEPE on its spot trading market, which began on May 1, 2023. The exchange has reported a high trading volume, and PEPE withdrawals will open on May 2.
PEPE’s Impact on Investors
Several whales have churned huge profits from PEPE’s rise, as highlighted by DeFi Mochi in a recent tweet. One wallet bought PEPE worth over $217,000 at an average price of $0.000000259 and generated a profit of nearly $1.5 million over the following two weeks. Another wallet bought the token with $223,000 in volume at $0.000000235 and later churned out a profit of $937,573.
Additionally, considering the hype around PEPE and the milestones it has achieved, memecoins serve as an anchor that lures new investors into the market. New investors often start their crypto investment journey with memecoins and later expand their portfolios. Therefore, the future of meme coins looks bright at the moment.
PEPE’s Market Confidence
Santiment’s chart shows that the crypto market’s hopes for PEPE remained high. The memecoin’s weighted sentiments metric went up, implying positive opinions about the token were dominant. Its social volume was also high, which somewhat hinted at the token’s increasing popularity.
LunarCrush’s data pointed out that the coin’s bullish sentiment increased considerably over the last week.
PEPE’s daily active addresses have also increased lately. The memecoin’s exchange outflow spiked substantially, indicating increased buying pressure. More new addresses were used to transfer the token, as was evident from the network growth metric.
Considering the aforementioned metrics, along with PEPE’s high 1-week price volatility, the possibility of a further price uptick seemed likely.
In Conclusion, Shiba Inu and Dogecoin might face tough competition ahead if PEPE continues outperforming itself. The metrics indicate that PEPE’s success is likely to continue in the short term.