Pepe (PEPE) is currently the best performing meme cryptocurrency among the top 100 projects. The frog-themed cryptocurrency is up 40.6% in the past 24 hours and 69% in the weekly chart.
Additionally, the number of PEPE holders is continuing to increase. According to data on Etherscan.io, PEPE has a total of 121,461 holders. The latest rally has also increased the rate of return of PEPE holders.
IntotheBlock data shows that the number of profitable PEPE holders increased by 12.53% over the past 24 hours. A total of 44% of PEPE holders are currently in profit, while 41% are still at a loss. About 15% of holders are at breakeven.
Pepe's recovery can be attributed to positive investor sentiment surrounding asset manager BlackRock's Bitcoin Spot ETF filing.
In news that fueled PEPE's rise, popular cryptocurrency exchange Gemini took to Twitter today and said they were "excited about something coming soon" and posted a frog icon next to it. .
The online community is speculating that Gemini may be about to launch something related to memecoin, however, no details have been revealed. Notably, Gemini became one of the largest holders of PEPE shortly after the token was launched.
Will PEPE maintain its upward momentum?
As a memecoin, PEPE relies heavily on “online buzz” for interest. According to LunarCrush, PEPE's social media mentions decreased by 28.9%. With that said, PEPE's latest bull run could be short-lived due to the highly volatile nature of the meme coin.
Furthermore, PEPE doesn't have any real use cases or much institutional adoption, there's not much to help memecoin grow, other than hype.
Therefore, the frog-themed cryptocurrency may soon see a correction. At the time of writing, PEPE was trading at $0.00000152, up 42% over the past 24 hours.
