Pepe (PEPE), launched simply two weeks in the past, has now entered the market’s high 100 largest cryptocurrencies, with a market capitalization of $582 million.
The PEPE token pumped 111% within the final 24 hours and is up 304% over the week, based on CoinGecko.
PEPE is an ERC-20 token with a provide of 420.69 trillion tokens, becoming a member of the ranks of so-called meme cash, or tokens primarily based on web memes and common tradition references.
Whereas there have been a number of Pepe the Frog NFTs and tokens launched over time, the latest PEPE token has been particularly fortuitous in capturing the market’s consideration.
One investor even managed to show $250 in PEPE into $1.02 million in just some days. They purchased the token on April 15 swapping 0.125 Ethereum for five.9 trillion PEPE tokens.
The guess then ballooned into one million {dollars} as PEPE pumped roughly 40,7900% in 4 days—the pockets continues to carry 3.9 trillion cash, price simply over $5.3 million.
The coin first started buying and selling on April 15 at a value of round $0.000000001. The token was final buying and selling at $0.00000137, per CoinGecko knowledge.
What’s driving PEPE?
The meteoric rise of PEPE has occurred in lockstep with an identical rise in Google searches.
The Google Development rating for “pepecoin” surged from 3 to 100 from the week of April 9 to the week of April 16.
The rating displays the recognition of a key phrase in Google Search in a given time interval. The metric shifts between 0 to 100, with 100 representing the height reputation for a specific key phrase search.
Google pattern rating for “pepecoin” over one 12 months. Supply: Google Traits.
One other issue doubtlessly shifting the value of PEPE coin is its itemizing on a number of cryptocurrency exchanges, together with OKX, Huobi, Gate.io, and MEXC.
DeFi volumes for PEPE have additionally soared. Volumes across the token spiked from $2.99 million on April 15 in a Uniswap PEPE/WETH pool, to over round $240 million with a number of liquidity swimming pools and centralized change listings.
Nansen’s Ethereum analytics dashboard reveals that over 30 “sensible cash” wallets purchased PEPE tokens price round $1 million within the final week. The analytics agency tags very massive and energetic merchants within the “sensible wallets” class.
The tokens held (blue) and the variety of “sensible cash” wallets (inexperienced) holding PEPE. Supply: Nansen.
Disclaimer
The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.
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