The price of Pepe (PEPE) has risen by more than 60% in the past 30 days, hitting a new all-time high with over 239,000 on-chain holders.

Due to the high demand for meme coins, most utility-focused crypto projects have lagged in the ongoing crypto bullish outlook.

As the price of Bitcoin (BTC) once again attempts to break through the all-time high of $73,000 after being stuck in a correction mode for the past two months, more and more short-term investors are diversifying their funds into the altcoin sector to maximize their gains. The total market value of the meme coin industry, led by frog-themed Pepe (PEPE) and Floki Inu (FLOKI), has surged to nearly $69 billion, with an average daily trading volume of about $6.9 billion.

The re-emergence of celebrity meme coins marks the entry of retail trading into the ongoing crypto bull run. However, Ethereum co-founder Vitalik Buterin urged meme coin investors to stay away from projects with financialization as the end goal and focus on the utility of the end product. Pepe Outperforms Top Crypto Projects

After an impressive performance in the past six months, frog-themed Pepe has attracted more whale investors recently. Over the past week, on-chain data shows that several PEPE whales have withdrawn more than $10 million worth of frog-themed meme coins.