As new coins continue to flood the crypto market, PEPE memecoin rises in value and is now among the top-ranking cryptocurrencies.
Much anticipation surrounds the Pepe (PEPE) ecosystem as the memecoin ascends to new heights. Investors who acquired the token when its value was practically nonexistent have been millionaires overnight. PEPE has recently surpassed all others in market capitalization following a “beta bet” narrative that contributed approximately 40% to the token’s value over the previous week.
Market Capitalization of PEPE Reaches a New Peak
The memecoin with a frog motif that gained prominence slightly over a year ago initially distinguished itself through its multifaceted theme. As a result of its consistent precipitous price increases since its introduction, the ecosystem experienced a substantial increase in user engagement. PEPE surged to a market capitalization of $1 billion within a few weeks, shocking the cryptocurrency industry.
As a result, it dethroned BONK as the third-largest meme coin. This year, amid a memecoin mania, PEPE’s trading volume exploded to unprecedented levels. This remarkable expansion established a portion of the memecoin’s dominance. According to the most recent market data, the PEPE price has rekindled its bullish sentiment following a brief period of declining performance.
At the time of writing, the frog-themed memecoin was trading at $0.00001435, representing a 24-hour increase of 7.15%; its market capitalization has since surpassed $6 billion.
According to market analysts and specialists, this surge is attributable to PEPE’s utilization as a leveraged wager on the expansion of the Ethereum ecosystem. Traders’ anticipation of the sanction of a spot Ethereum Exchange-Traded Fund (ETF) in the United States has led to this recent development.
Early PEPE Investors Amass Millionaire status
According to insights from Lookonchain, a cryptocurrency address that acquired tokens worth approximately $460 mere days after their inception has amassed profits of over $3.4 million as of this week. This purchaser acquired 324.9 billion PEPE on April 15, 2023, for a mere 0.22 Ethereum (ETH). The tokens were subsequently deposited on the leading cryptocurrency exchange, Binance, where they were presumed to be sold.
Presumably, the address is associated with the development team that initially issued the personal protective equipment (PPE); however, this assertion needs to be supported by evidence at this time. Simultaneously, automated bot usage is widespread among memecoin traders, particularly those who purchase minute quantities of each token introduced to the market.
They engage in such transactions by applying specific criteria, anticipating that the tokens will ultimately accrue a substantial profit. Many early purchasers of Pepe have become millionaires within the last year. In the weeks following the memecoin’s debut, a handful of connected wallets with an initial investment of approximately $1,200 increased in value to over $9 million. An additional purchase of $260 made the proprietor more than $3 million in profits.