In the past day, the memecoin called PEPE saw a big increase of 18.1%, making it the top gainer among cryptocurrencies.
During the recent craze over memecoins, PEPE and other similar coins continued to build on gains they had previously made since 2023. In the last 24 hours, PEPE recorded a trading volume of $1.7 billion and a market capitalization of $3.49 billion.
Memecoin Mania: PEPE Leads the Charge
Amid a surge in interest towards memecoins, PEPE has witnessed remarkable growth, soaring over 590% in just a month. This bullish momentum reflects investors’ enthusiasm as they pour assets into memecoins, driving their values to new heights.
The frenzy surrounding memecoins has been particularly enticing, with PEPE spiking by an astonishing 14,000% since its launch. This surge has ignited fresh waves of investment, fueling the ongoing craze for memecoins.
While the broader cryptocurrency market faced a downturn, other alternative coins such as FLOKI, AIOZ Network, and Stacks managed to defy the trend, posting double-digit gains. This resilience underscores the enduring appeal and volatility of the cryptocurrency landscape amidst evolving market conditions.
Whale Activities Propel PEPE’s Growth
The upward trajectory of the memecoin market is being significantly influenced by the strategic maneuvers of large holders, which in turn, are fostering greater community involvement. Notably, recent data from LookOnChain has revealed a notable instance where a whale acquired a staggering 840 billion units of the coin from Binance. This substantial acquisition triggered a cascade of buy-ins from smaller investors, consequently amplifying the memecoin’s market capitalization.
Currently, a discernible trend is emerging within the PEPE community, with smaller holders increasingly asserting their presence. On-chain data highlights that a significant majority, accounting for 87.9% of total wallets, hold less than $1,000 worth of PEPE, while 11% possess holdings valued up to $100,000. A mere 0.30% of wallets are in possession of assets exceeding $100,000. Despite this apparent distribution, the intermittent presence of whales during certain phases of the bullish market has notably contributed to PEPE’s growth.
In a remarkable development, data from LookOnChain unveils an extraordinary feat achieved by a trader who transformed a $3,000 investment in PEPE into a staggering $32 million on March 4th. This remarkable success story underscores the immense potential and volatility inherent in the memecoin market, further fueling investor interest and participation.
Memecoin Frenzy Faces Pullbacks Amid Market Decline
The fervor surrounding memecoins, which had dominated the cryptocurrency space for several weeks, has encountered a setback in the past 24 hours as users seek to capitalize on their investments. Concurrently, the broader decline in the cryptocurrency market has contributed to the downtrend observed in memecoins during the same period.
Key memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced weekly losses, with DOGE seeing a decrease of 12.1% and SHIB facing a decline of 14.6%. Despite earlier predictions of a slowdown, the tide appeared to turn in the last 24 hours, with DOGE, PEPE, and FLOKI registering double-digit gains.
However, within the realm of Solana memecoins, a different narrative unfolds, as evidenced by BONK’s significant decline of 24.4% over the past seven days. This trend is echoed by WIF and MYRO, which also report negative figures, indicating a loss of momentum among certain segments of the memecoin market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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