Memecoins
Pepe Active Wallets Double as Ethereum Meme Coin Hits Record Price
The number of blockchain addresses transacting Pepecoin (PEPE) has exploded over the past month, more than doubling in the past 30 days amid the recent SEC validation of the leading Ethereum coin and the surge prices that followed.
Daily active addresses holding PEPE increased by 230% to 9,830, according to data from In the block. This growth outpaced other coins, such as Floki, which still saw daily active addresses jump 179% during this period. Meanwhile, the daily active address count for Dogecoin increased by 10% to 53,000.
Built using Ethereum’s ERC-20 standard, both tokens exist on the network as assets that only trade on vibrations. In the light of Ethereum spot ETF approvalHowever, the prices of Pepecoin and Floki have each jumped over 27% over the past week.
While not a perfect metric, tracking the daily number of active addresses can show trends in adoption or usage of a network. Among the coins tracked by IntoTheBlock, the metric has increased the most over the past month for Pepecoin among other top cryptocurrencies.
Pepecoin is based on the Pepe the Frog meme, originally created by Matt Furie in 2005, and spear last April with little spice. But the crypto community’s interest in meme coins has recently reached a boiling point, becoming a dominant trend despite their famous volatility and draw risks.
The US stock market may have been closed for Memorial Day on Monday, but crypto traders pushed Pepe to a record level of $0.00001698 that day. Extending the meme coin’s annual gains up to 1,000%, however, the meme coin fell by 4.8% over the past day on Tuesday.
Despite Tuesday’s drop, most Pepecoin holders are in the money. According to IntoTheBlock, 97% of Pepecoin holders have paper gains, while 2.73% are at a breakeven price.
As the crypto industry gains legitimacy on Wall Street through the approval of products expanding investor access to digital assets, meme coins may be behind “Shame“, warned certain leaders. Yet crypto traders’ appetite for meme coins appears insatiable.
While Pepecoin’s market cap ranks 22nd among all coins, at $6.75 billion, the frog-themed crypto was traded at 7th among all coins over the past day. With a trading volume of $1.7 billion, Pepecoin ranks only behind Bitcoin, Ethereum, Solana and several stablecoins.
Edited by Ryan Ozawa.