Pepe: Frog-Themed Meme Coin Shows Impressive Growth
Known for its frog design, the Pepe meme coin has become one of the most talked about coins in recent times. Over the past 24 hours, its value has increased by 11%.
At the time of writing, Pepe's price was $0.0000129. Trading volume over the past day reached $1.27 billion. Memcoin is up 50% over the past seven days and 1,372% over the past year.
Pepe: market capitalization and price dynamics analysis
Pepe's market capitalization also increased by 9% and currently stands at $5.43 billion. However, the token is still 23% below its record value of $0.0000167, reached on May 28, 2024.
It's worth noting that Pepe has previously declined along with the broader cryptocurrency market. This is confirmed by the token's 11% decline over the past seven days, according to CoinMarketCap data.
The latest price change comes after a major purchase that sparked speculation that Pepe's value could rise. According to a June 11 post on network analytics platform Scopescan, the whale withdrew 256 billion Pepe coins worth $2.9 million from the Bybit cryptocurrency exchange.
In May, the whale company placed 200 billion PEPE coins on the exchange platform. The total amount was about $2.8 million, and this came immediately after the price increase.
The whale's purchase of such a large amount of memcoin may have restored confidence in the future of the asset and attracted the attention of retail investors. The whale now has more than 291 billion PEPE coins, which is approximately $3.5 million.
Another possible explanation for the recent increase in the value of PEPE could be the prospect of this asset being listed on the major cryptocurrency exchange Coinbase. Earlier, on April 18, this exchange had already provoked an increase in prices for PEPE, opening a perpetual futures market for this token.
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