$PEPE Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone
In a significant milestone, frog-themed memecoin Pepe
$PEPE /$USDC
-hit $7 billion in market cap, with $4 billion added in May alone.
What Happened: $PEPE became just the third memecoin after blue-chip currencies like Dogecoin
-and Shiba Inu
-to achieve this feat.
The token outpaced not only rival memecoins, but also the wider cryptocurrency market, gaining roughly 135% over the month. Year-to-date, the Ethereum
-based cryptocurrency has returned 12X to its holders.
The mad rush for PEPE could be gauged by its high trading volumes in the last 24 hours, nearing $2.5 billion, making it the most-traded memecoin in the said time period.
The rally garnered the interest of wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew a whopping 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, their PEPE portfolio generated a 21% return.
