Over the past week, one of the most popular memecoins on the market, PEPE, has been actively growing. Also positive dynamics. The cryptocurrency ranked on the top in terms of market capitalization among all memecoins. In addition, the memecoin entered the top 50 most capitalized coins in a matter of days just after being launched.
Over the past 24 hours, the PEPE rate has jumped by almost 53%, and over the week – by 190%. Let’s figure out what is behind such impressive indicators and which memecoins showed the same bright dynamics.
PEPE Once Again 3rd Largest Meme Coin
According to coinmarketcap, at the time of writing, the coin is trading at $0.0000033. A day earlier, the asset rate was $0.00000212. The coin’s capitalization has broken through the $1 billion level and now stands at $1.4 billion.
PEPE’s daily trading volume soared 106%, according to CoinMarketCap. The token has returned to third place among the largest “meme” coins, overtaking the sensational Bonk (BONK) on Solana (SOL) late last year.
PEPE Growth Factors
The most obvious factor was the breakthrough of Ethereum (ETH), based on which the Pepe project was built. On February 28, the second-largest cryptocurrency broke through the $3,300 mark for the first time since spring 2022. As a result of reaching this level, cryptocurrencies associated with the ETH network exploded.
Another significant driver was large sales of PEPE by several wallets. According to the analytical platform LookOnChain, on February 27, the price of memecoin jumped due to the fact that six addresses in total brought 1.98 trillion tokens (about $4.3 million) to Binance.
The price of $PEPE has increased by more than 60% today!
6 wallets sold 1.98T $PEPE($4.37M) to take profits, with a total profit of ~$2M.
Wallet”0xa145″ deposited 486.72B $PEPE($1.04M) to #Binance 6 hours ago, making ~$515K (+97%).https://t.co/RyJqmGu1At
5 wallets (possibly… pic.twitter.com/rulYxYE4W5
— Lookonchain (@lookonchain) February 27, 2024
Today, February 28, analysts recorded another major deal involving an awakened whale. His address was last active two years ago. An unknown person withdrew 1.03 trillion PEPE from Binance before the price of memecoin jumped. As a result, his unrealized profit was $1.34 million.
Memecoin Rally
Dogwifhat (WIF) also stands out among the growth leaders in the “meme” coin category. The Solana-based asset has grown by 123.7% over the past seven days, and by 32.8% in one day. Memecoin’s daily trading volume is over $128 million.
Bonk also showed impressive dynamics. Over the past week, the token price has increased by almost 76%; the daily increase was 21%. Floki (FLOKI), meanwhile, has strengthened by a cumulative 75%.
Dogecoin (DOGE) and Shiba Inu (SHIB) showed more modest growth over similar periods of time. They rose in price by 18% and 17% respectively.
