Why is PEPE the Memecoin King? Outperforms Shib, Doge, Rallies Over 61% in Two Days
Why is Pepe memecoin price jumping? | Credit: Shutterstock
- In the last two days, PEPE increased in price by over 61%
- Amid a broader recovery in the cryptocurrency market, PEPE outpaced DOGE and SHIB, rising by over 40%
- Following a dip to the 7-week low of $0.00000082, Pepe’s bullish momentum started on June 15
- Amidst news about BlackRock’s application for a Spot Bitcoin ETF, PEPE emerged as the biggest winner of the crypto rally
Pepecoin (PEPE) is again leading a memecoin rally that has seen Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) rise by double digits in the same time period. Pepecoin was up over 67% on the week and over 40% in 24 hours.
The momentum has grown over the past week, with memecoins’ total market cap reporting increases of 11% over the last day, more than 2.5 times that of all cryptocurrencies’ combined gains of 4.2%.
Pepe Price Keep Rising
The lately popular meme coin PEPE’s price rally has been highlighted by Santiment, an on-chain data vendor. PEPE has experienced a large upsurge over the past two days, growing 0ver 60% and over 64% in the last week.
After a recent enormous spike of Bitcoin, when it crossed the $30,000 threshold for the first time since April, the rest of the market started to decline, but PEPE kept rising. A possible explanation for PEPE’s expansion has been given by the Santiment team: whales have been “heavily engaging on its way up.”
PEPE crossed a significant milestone in terms of holder count a day ago when it reached 128,600 total holders, including 121,900 on Ethereum, 5,700 on the BNB chain, and a little under 1,000 on the Arbitrum network.
However, the price is currently below a significant resistance, and given the parabolic advance during the previous week, it seems likely that bulls are running out of steam.
This is further supported by the fact that the relative strength indicator is currently overbought, at 77.62.
Since the latest pump, there has been a lot of enthusiasm in the Pepe community, which has prompted many analysts and investors to set price goals near the previous all-time high (ATH). However, because of the increased liquidity, this offers whales a huge chance to sell their Pepe at a profit.
Additionally, this gives short sellers considerably more market liquidity to counter-trade the trend and short Pepe.
PEPE Community Reacts With Optimism
The current pump has caused a lot of buzz within the Pepe community:
And some members are even thanking Elon Musk:
Members of SHIBArmy are also feeling confident regarding the rise:
Pepe Price Jumps as Gemini Tackles It on Twitter
The cryptocurrency industry has demonstrated resiliency and made a recovery despite the continuing SEC lawsuit against significant exchanges like Binance and Coinbase. The application for a Spot Bitcoin ETF by financial powerhouse BlackRock helped the recent recovery even further.
Also, the largest cryptocurrency exchange platform in the world, Binance, recently announced that PEPE would no longer be a borrowable asset under its Flexible Loan program.
A PEPE memecoin listing was recently hinted to by the U.S. Gemini exchange, in addition to Bitcoin’s surge dragging PEPE along in its wake.
According to PEPE’s price chart, a sizable percentage of the increase occurred late on June 21, most likely in response to Bitcoin’s strong bullish movement above $30,000. PEPE has increased by approximately 43% the previous day and is currently trading at $0.00000152 and rising.
Also, it was announced that the Indonesian Government has officially legalized commodity futures trading for PEPE and some other coins.
Whale Purchases Boost Price
A well-known whale address, “0x31f5,” made notable purchases of PEPE shortly after significant sell-offs were recorded, according to Lookonchain, a chain analysis platform. For a whopping $4.54 million USDC and 150 ETH, or $287,000, this whale purchased 3.43 trillion PEPE tokens. While the second transaction suffered a loss of about $740,000, the first deal generated a large profit of almost $11.47 million.
Data from the Ethereum blockchain shows that over 119,600 different addresses currently own $PEPE, indicating a significant growth in the number of token holders since the beginning of June.
Other Memecoins Follow
While its weekly performance shows an increase of 8.66%, DOGE has witnessed a climb of 3.3% in the last 24 hours, and is currently trading at $0.0662.
SHIB ‘s price is currently $0.00000804 up noticeably 10.28% over the previous day. SHIB has displayed excellent growth of 19.9% over the past 7 days. Recently, developers of the Shiba Inu, announced the release of Shibacals, a protocol to label real-world assets as NFTs. Also, Puppynet, the Shiba Inu’s layer-2 Shibarium native test network, has recently racked up an impressive sum of more over 20 million transactions, coming from roughly 16 million wallets.
Likewise, FLOKI , a competitor of its, shows potential, with a value of $0.0000278 and a 20.9% rise over the previous day. FLOKI has experienced substantial growth in the last week, enjoying a jump of 32.73%.
After major financial institutions submitted proposals for spot Bitcoin exchange-traded funds (ETFs), cryptocurrency values began to rise. These organizations include the biggest asset manager in the world, BlackRock, as well as Invesco, which manages $1.5 trillion in assets, and WisdomTree, which manages $85 billion in assets.
Furthermore, according to reports, the Federal Financial Supervisory Authority (BaFin), the country’s financial watchdog, has received an application for a license to hold digital assets from Deutsche Bank, the largest banking institution in Germany.
Is PEPE the MemecoinKing?
After reaching a staggering $1.5 billion in market value in April, the ERC-20 token Pepecoin (PEPE) has seen profit taking by investors.
Meme theme gives rise to memecoin, and PEPE is no exception. Pepecoin was influenced by the “Pepe the Frog” meme that Matt Furie popularized in his animation “Boy’s Club.” The founding team and its supporters employed frog-themed memes on social media to drive the price action of Pepecoin in its early days.
One example of how cryptocurrency communities can support a culture without truly considering the underlying economics of an asset is exactly the Pepe coin.
Conclusion
The crypto sector has produced countless “rags-to-riches” stories based on culture over the years. Among these are memecoins. Only DOGE and SHIB, which consistently outperformed similar models from an investment standpoint during a challenging down market, have been observed before in the business. The third notable example of this tendency is PEPE.
Therefore, it is too soon to say whether memecoins will survive. One data point would be if the development of culture-based assets develops into a sizable economy within cryptocurrencies, with a lot of such ecosystems arising with sizable market capitalizations. These cultural ecosystems also need to achieve significant milestones, like a $1 trillion market capitalization, and maintain their value across several Bitcoin cycles.
That would then turn into indisputable proof that the cryptocurrency industry has discovered a brand-new asset class that is here to stay. Until then, the crypto ecosystem’s most extreme form of speculation is memecoins like Pepe.
