Pepe Active Wallets Double as Ethereum-Based Meme Coin Reaches All-Time High
Crypto News– The number of blockchain addresses transacting in Pepecoin (PEPE) has skyrocketed over the past month, more than doubling in the last 30 days. This surge follows Pepecoin’s recent SEC validation and subsequent price increase. According to data from IntoTheBlock, daily active addresses holding PEPE have soared by 230% to 9,830. This growth outpaced other memecoins like Floki, which also saw a significant increase in daily active addresses by 179% during the same period. In comparison, the daily number of active addresses for Dogecoin rose by 10% to 53,000.
Pepecoin and Floki, built using the ERC-20 standard on the Ethereum network, trade primarily on market sentiment. The recent approval of spot Ethereum ETFs has contributed to a price jump of over 27% for both Pepecoin and Floki in the past week.
While tracking the daily number of active addresses is not a flawless metric, it provides insight into a network’s adoption trends and usage patterns. Among the coins tracked by IntoTheBlock, Pepecoin saw the most significant increase in active addresses over the past month, indicating its growing popularity and usage compared to other major cryptocurrencies.
Pepecoin, inspired by the Pepe the Frog meme originally created by Matt Furie in 2005, launched last April with little fanfare. However, the crypto community’s interest in meme coins has recently surged, making them a dominant trend despite their notorious volatility and the risk of rug-pulls.
While the U.S. stock market was closed for Memorial Day on Monday, crypto traders drove Pepecoin to an all-time high of $0.00001698. This pushed the meme coin’s annual gains close to 1,000%. Despite this impressive rally, Pepecoin saw a slight dip, falling 4.8% over the past day on Tuesday.
FAQs
What is the significance of the active wallet count in the context of cryptocurrencies?
The active wallet count reflects the level of activity within a cryptocurrency’s network, providing insights into its adoption and usage. A higher number of active wallets suggests increased network participation and user engagement.
Why has the active wallet count for Pepecoin doubled?
The active wallet count for Pepecoin has doubled due to a surge in interest and trading activity, likely driven by factors such as positive market sentiment, new developments or announcements, and potential price appreciation.
How does the increase in active wallet count correlate with the all-time high price surge?
The increase in active wallet count indicates growing interest and participation in Pepecoin, contributing to its price surge and reaching an all-time high. Higher network activity often accompanies bullish market sentiment and price appreciation.
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