Benzinga – In a major milestone, frog-themed memecoin Pepe (CRYPTO: PEPE) hit $7 billion in market cap, with $4 billion added in Could alone.
What Occurred: PEPE grew to become simply the third memecoin after blue-chip currencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) to attain this feat.
The token outpaced not solely rival memecoins, but in addition the broader cryptocurrency market, gaining roughly 135% over the month. Yr-to-date, the Ethereum (CRYPTO: ETH)-based cryptocurrency has returned 12X to its holders.
The mad rush for PEPE could possibly be gauged by its excessive buying and selling volumes within the final 24 hours, nearing $2.5 billion, making it the most-traded memecoin within the stated time interval.
The rally garnered the curiosity of rich buyers. Based on on-chain monitoring platform Spot On Chain, a whale withdrew a whopping 1.32 trillion PEPE tokens from Binance over the past 5 days. On the present worth, their PEPE portfolio generated a 21% return.
Up to now 5 days, a whale withdrew 1.323T $PEPE from #Binance at ~$0.00001378 (est. value: $18.2M).
Now, with the value surging 81% (7D) to a brand new ATH, the whale’s PEPE holding is price $22.1M (+21%)!
Will the whale dump with these $PEPE quickly? Comply with @spotonchain and set alerts… pic.twitter.com/nsTpdLwlzu
— Spot On Chain (@spotonchain) Could 27, 2024
Why It Issues: The coin’s blockbuster efficiency amid an optimistic temper within the trade with the passage of spot Ethereum ETFs.
The final bull market noticed a major capital motion in the direction of memecoins, with belongings created out of web jokes skyrocketing to multi-billion greenback valuations. Memecoin aficionados could be hoping for the same story this yr.
PEPE’s day by day lively addresses rose 17% within the final 24 hours, based on IntoTheBlock. Provide held by long-term buyers elevated 0.53%, indicating accumulation.
Value Motion: On the time of writing, PEPE was buying and selling at $0.00001672, following a 12.29% surge within the final 24 hours, based on information from Benzinga Professional.
Learn Subsequent: Bitcoin, Dogecoin Keep Weak, Ethereum Revels In Spot ETF Euphoria — Analyst Says King Crypto Wants To Cross $70K To Hit New Highs
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