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June 16, 2024
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PEPE Price Analysis: Pepecoin Dethrones Dogwifhat as Third Most Valuable Memecoin

The post PEPE Price Analysis: Pepecoin Dethrones Dogwifhat as Third Most Valuable Memecoin appeared first on Coinpedia Fintech News

Amid the ongoing altcoin frenzy triggered by fresh speculation of spot Ethereum (ETH) ETF approval tomorrow in the United States, frog-themed meme coin Pepe (PEPE) has registered significant retail attention. According to the latest market data, Pepe’s price spiked over 25 percent in the last 24 hours to dethrone dogwifhat (WIF) from the third most valuable meme coin by market capitalization.

As of this writing, Pepe’s daily average traded volume was about $3 billion, higher than Dogecoin’s (DOGE), which was around $2.58 billion.

What’s Propelling Pepe to New Highs 

The ongoing crypto bull run has significantly upheld the meme coin industry to a greater extent. According to the latest crypto data, the meme coin industry is valued at around $62 billion and has a daily average traded volume of about $10 billion. 

The significant rise of Pepe to reach a new all-time high is largely attributed to the high liquidity of more than $60 million in WETH. As a result, whale and retail traders can seamlessly exchange Pepe without having trouble with liquidity.

Most importantly, the Ethereum ecosystem has reached a tipping point that will be disturbed by tomorrow’s final decision on VanEck’s spot Ether ETF in the United States. 

Cash rotation from Bitcoin to Ethereum, as depicted by the reversal in ETH/BTC pair and BTC dominance, has significantly favored Ether-based altcoins.

On the Flipside 

As Pepe demand skyrocketed in the past few days, on-chain sleuths from Lookonchain have detected heavy liquidation of Pepe from early investors. For instance, a single trader deposited more than 201 billion Pepe, worth around $2.83 million, to the Bybit exchange in the past 24 hours.

Another early Pepe trader, who turned $462 to $3.4 million, deposited over 182 billion Pepe to Binance in the last 24 hours.

Meanwhile, BlockTower capital purchased 202 billion Pepe via Cumberland a week ago, thus making over half a million dollars.

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