Crypto News – The memecoin Pepe price soared as the market tumbled downhill.
Memecoin PEPE Price Rises More Than 14%, Shining Like a Diamond
The Pepe token was developed in April 2023 and was based on the well-known Pepe the Frog meme from the 2000s. The asset’s market capitalization has reached $4.2 billion, and from its inception, it has experienced a 12,200% increase, reaching an all-time high of $0.0000107 on March 14.
Currently trading at $0.000006973, PEPE has increased 14.25% in the last 24 hours. Having grown to $2.92 billion in market capitalization, the asset is now the 35th largest cryptocurrency. In addition, there was a 6.86% increase in the meme coin’s daily trading volume, totaling $1.04 billion. Keep in mind that, behind Dogecoin (DOGE) and Shiba Inu (SHIB), PEPE is presently the third-largest meme coin.
PEPE Expected to Experience Less Volatility, Data Shows
As per Santiment’s data, within the last 24 hours, the inflow of tokens on the PEPE market decreased from 5.57 trillion to 5.47 trillion. Nonetheless, there was a slight increase in the outflow of exchange, which is currently at 6 trillion PEPE. The way the market is acting indicates that instead of selling the meme coin for a quick profit, investors are gradually gathering more of it.
From 2,670 distinct wallets on April 29 to 3,249 unique wallets at the time of reporting, the number of Pepe daily active addresses has steadily climbed over the last three days, according to data from the market intelligence site. Because there is a decreased possibility of whale manipulation, smaller price volatility is typically anticipated as the price rises in tandem with the number of active addresses.
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