Pepe Coin Surges 31% in 24 Hours, Social Media Buzz Skyrockets
Pepe (PEPE/USD) is making headlines in the cryptocurrency world as it experiences a massive surge of 31% in just 24 hours. The meme coin is riding high on peak levels of social media excitement, propelling its price to new heights.
What Happened:
Pepe has seen a remarkable 220% increase in value over the past week, according to CoinMarketCap. It is currently trading at levels not seen since May 2023, showcasing its strong momentum in the market.
Social intelligence company LunarCrush reported that the number of social creators posting about Pepe is at an all-time high, with 7,244 daily creators and a total of 405,186 creators. This surge in social media activity has contributed to the coin’s popularity and price surge.
Additionally, Lookonchain data revealed that a whale recently deposited 1.97 trillion Pepe tokens, worth $6.07 million, to cryptocurrency exchange Binance, making a profit of $3.5 million. The whale then used some of the profits to purchase 75.9 billion Shiba Inu tokens and allocated the rest to Web3 gaming ecosystem tokens like Decentraland, The Sandbox, and Gala Games.
Why It Matters:
Pepe has now become the fourth-largest meme coin by market capitalization, trailing only Dogecoin, Shiba Inu, and Bonk. Its spot trading volume of $674.2 million in the past 24 hours puts it ahead of its competitors, showcasing its growing popularity and liquidity in the market.
Trader Bluntz Capital analyzed Pepe and suggested that it has completed an ABC correction and is poised for an upward movement soon. Traders are loading up on Pepe in anticipation of significant profit levels in the short term, but it is crucial to approach meme coin investing with caution.
In conclusion, Pepe’s recent surge in price and social media buzz highlight the growing interest in meme coins and their potential for profits. As the cryptocurrency market continues to evolve, it will be interesting to see how Pepe and other meme coins perform in the coming weeks.
