Memecoins
Pepe becomes only the third Memecoin after Dogecoin and Shiba Inu to reach a market cap of $7 billion, adding $4 billion in May alone
In milestone, frog-themed memecoin Pepe PEPE/USD reached $7 billion in market capitalization, with $4 billion added in May alone.
What happened: PEPE has become only the third memecoin after top coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD to achieve this feat.
The token outperformed not only rival memecoins but also the broader cryptocurrency market, gaining around 135% during the month. Since the beginning of the year, the Ethereum The ETH/USD-based cryptocurrency has returned 12X to its holders.
The PEPE rush can be gauged by its high trading volumes in the last 24 hours, close to $2.5 billion, making it the most traded memecoin during the said period.
The rally has attracted interest from wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew 1.32 trillion PEPE tokens from Binance over the past five days. At current prices, their PEPE portfolio has returned 21%.
Why is this important: The hit performance of the play in a climate of optimism in the industry with the passage of Ethereum spot ETFs.
The latest bull market saw a significant capital movement into memecoins, with assets created from internet jokes skyrocketing to multi-billion dollar valuations. Memecoin aficionados are hoping for a similar story this year.
PEPE daily active addresses increased by 17% in the last 24 hours, according to to IntoTheBlock. The supply held by long-term investors increased by 0.53%, indicating accumulation.
Price action: At the time of writing, PEPE was trading at $0.00001672, following a 12.29% rise in the last 24 hours, according to data from Benzinga Pro.
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