I have a friend who shorted PEPE yesterday, and he was gone in the morning. It's so fierce! Foreigners on the Internet are bullish on PEPE to $1! Yesterday, PEPE trading volume soared 300% in the past 24 hours, and the price has been rising for a month, with an increase of 95%. PEPE's market value has soared 22% to $4,540,608,117. So, why did PEPE soar? There are mainly three reasons:
1. The wealth-creating effect drives the growth of fame
When PEPE was launched a year ago, it brought millions of dollars in profits to early investors. Although the price of PEPE has declined during the bear market, its popularity has not decreased but increased. At the beginning of this year, as PEPE continued to rise for three consecutive months, people's confidence in PEPE's profits was restored. It is precisely because of the strong wealth-creating effect in the primary and secondary markets that PEPE has gained fame and reputation in the market. This reputation has driven its value to rise for several consecutive days, eventually reaching ATH.
2. Increased whale activity
According to the sentiment report, whales with transaction value of more than $100,000 have surged by more than 416% in the past 24 hours. The surge in whale activity has increased the number of whale transactions from 35 per day to 697.
In addition, the exchange inflow rate surged by 255%, with the inflow data reaching 8.03 trillion tokens.
Although the outflow rate also surged to 6.73 trillion PEPE, the net inflow of 1.3 trillion PEPE led to the surge in value.
3. MEME coins triggered market frenzy
The cryptocurrency market is going through a correction zone, and only meme coins are stable compared to other coins. This overall meme dominance has helped the current surge in PEPE prices.
Many PEPE investors believe that PEPE can soar to $1 and become part of the top ten cryptocurrencies on the market. Although PEPE still has a long way to go from the $1 mark, it will take a long bull market to push its value to around $1. However, its continued growth over the years indicates the potential for the coin to soar to $1 one day.
