Frog-themed meme coin Pepe (PEPE) has captured significant retail attention, dethroning dogwifhat (WIF) as the third most valuable meme coin by market cap.
Pepe’s daily trading volume has reached $3 billion, surpassing even Dogecoin (DOGE).
The Ethereum ecosystem is at a tipping point, with the final decision on VanEck’s spot Ether ETF in the United States coming soon.
In the midst of the current altcoin craze, fueled by renewed speculation surrounding the potential approval of a spot Ethereum ETF in the United States tomorrow, the frog-themed meme coin Pepe (PEPE) has captured the attention of retail investors.
Pepe has leapfrogged its way to overtake dogwifhat (WIF) as the third-largest meme coin by market capitalization.
Pepe’s daily trading volume has skyrocketed to an astonishing $3 billion, outpacing even the well-established Dogecoin (DOGE), which currently stands at around $2.58 billion.
The Ascent of PEPE: Analyzing the Driving Forces
The meme coin sector is undergoing a resurgence, with its total value soaring to approximately $62 billion and boasting a daily average traded volume of about $10 billion.
Pepe’s remarkable rise to a new all-time high can be largely attributed to the high liquidity of more than $60 million in WETH (Wrapped Ethereum). This abundant liquidity allows both whale and retail traders to effortlessly exchange Pepe without encountering any liquidity issues.
The Ethereum ecosystem has reached a critical juncture, with the final decision on VanEck’s spot Ether ETF in the United States set to be announced soon. This decision has the potential to significantly disrupt the current market dynamics.
The recent cash rotation from Bitcoin to Ethereum, as evidenced by the reversal in the ETH/BTC pair and the decline in BTC dominance, has greatly benefited Ether-based altcoins.
In recent days, early Pepe investors have been actively liquidating their holdings, as detected by on-chain analysts at Lookonchain. One notable transaction involved a single trader depositing over 201 billion Pepe tokens, valued at approximately $2.83 million, into the Bybit exchange within a 24-hour period.
BlockTower Capital transferred 202B $PEPE($2.8M) to #Cumberland for sale 2 hours ago after the $PEPE price broke through $0.000014.BlockTower Capital bought the 202B $PEPE($2.22M) via #Cumberland 6 days ago.Making $578K in 6 days, with an ROI of 26%.https://t.co/bSxQ2JVkZJ… pic.twitter.com/zyntQBRmre
— Lookonchain (@lookonchain) May 22, 2024
Another early investor, who managed to transform an initial investment of $462 into a staggering $3.4 million profit, made headlines by depositing over 182 billion Pepe tokens into Binance during the same timeframe.
