The meme coin craze continues, with PEPE, the self-proclaimed “King of Meme Coins,” leading the charge. In the past 24 hours, PEPE’s price skyrocketed by 12%, extending its weekly gains to a staggering 80%. As of this writing, PEPE is trading at a record high of $0.0000166, pushing its market capitalization past a significant milestone of $7 billion.
This explosive rally is fueled by a surge in investor interest. Daily trading volumes have reached a whopping $2.56 billion, highlighting the frenzy surrounding PEPE.
PEPE Takes the Crown as Third-Largest Meme Coin
PEPE has dethroned its rivals to become the third-largest meme coin by market cap, trailing only Dogecoin and Shiba Inu. It’s not just dominating the meme coin world; PEPE has significantly outperformed the broader cryptocurrency market, boasting a 135% gain in the last month. Year-to-date, this Ethereum-based token has delivered a phenomenal 12x return on investment, attracting the attention of major players.
On-chain analytics platform Spot On Chain revealed a whale moving a massive 1.32 trillion PEPE tokens out of Binance in the past five days. With PEPE’s current price, this whale’s portfolio has already generated a hefty 21% return.
Bullish Sentiment Propels PEPE’s Rise
PEPE’s recent success coincides with the positive sentiment sweeping the crypto industry following the long-awaited approval of spot Ethereum ETFs. The price action for PEPE remains bullish, with buyers quickly absorbing any dips. Support levels around $0.00001380 have held firm despite facing pressure twice.
Furthermore, PEPE is establishing a classic uptrend pattern, characterized by higher lows and higher highs. Trading above both the 50-day and 200-day simple moving averages (SMAs) further strengthens the bullish case for PEPE.
Also Read: Meme Coin Mania: Can Pepe Coin ( PEPE) or Floki Inu (FLOKI) Reach $0.001 First?
Active Addresses Hint at Continued Growth
On-chain analysis firm Santiment adds fuel to the fire, reporting a significant increase in active PEPE wallets. Between May 21st and 22nd alone, the number of active PEPE addresses jumped from 3,600 to 12,000. This surge mirrors a similar increase observed in mid-May, potentially indicating another leg up for PEPE.
With all these factors at play, PEPE seems poised for further gains. Whether it can maintain its momentum remains to be seen, but one thing’s for sure: the “King of Meme Coins” is making a royal rumble in the crypto arena.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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