In the current optimistic climate surrounding the cryptocurrency market, the meme coin PEPE has observed a notable upswing in its price, exhibiting a growth of more than 15% over the last 24-hour period.
The phenomenon of PEPE's price seeing an increase in popularity is gaining momentum.
The cryptocurrency known as PEPE is now seeing a notable increase in popularity and appears to be moving towards a period of positive market performance, suggesting possible advantages for individuals who choose to invest in it. The current valuation of the meme coin is at $0.0000013, suggesting a 15% surge in value throughout the preceding 24-hour period.
The increase in price might perhaps be attributed to Glauber Contessoto, a Dogecoin (DOGE) billionaire, who included PEPE as one of his top 10 cryptocurrency investment choices. As per the millionaire's perspective, it can be inferred that PEPE embodies a same irreverent and internet-culture-centric attitude that first captivated his interest in Dogecoin.
Although PEPE may have encountered a notable increase in its price, it is important to note that the meme currency is currently exhibiting a decline of nearly 69% in comparison to its peak value of $0.000004354, which was observed in the first stages of May. Nevertheless, the prevailing optimistic outlook within the cryptocurrency market has significantly boosted the value of the meme coin, resulting in an 89% price increase over the course of the last 30-day period.
The coin has also witnessed a notable surge in transactions involving large holders within the previous 24-hour period. The quantity of high-value transactions in PEPE involving a minimum of $100,000 has seen a 50% surge during the last 24-hour period.
Based on the data provided by Santiment, it is evident that the deposits made to crypto exchanges have seen a significant decline of 33% within a span of under three days. This observation is noteworthy, particularly in light of the concurrent rise in whale transactions, as shown in the report. One possible explanation for this phenomenon is that investors are opting to retain their assets in anticipation of future price increases, rather than engaging in immediate selling activities.
Furthermore, the increased prevalence of PEPE on social media platforms appears to have played a substantial role in driving up the token's price. According to Santiment, the memecoin had a notable increase of 105% in its social media activity throughout the previous 24-hour period.
The decrease of active addresses does not impede the performance of Memecoin.
The performance of PEPE this month is currently not on par with that of the previous month. In October, there was a notable 60% increase in the price of PEPE. This surge in value might potentially be attributed to the positive market sentiment often associated with the month of October, colloquially referred to as 'Uptober' within the cryptocurrency community.
The active addresses of $PEPE have exhibited a persistent downward trend. According to the findings of IntoTheBlock, it has been shown that the overall count of active addresses experienced a decline from 3,700 to 2,020. This observed trend indicates that investors may be divesting their holdings in memecoin, since it has not met their anticipated performance, and instead reallocating their investments into alternative cryptocurrencies that are now gaining popularity.
