Significant investment activity has been observed in the PEPE coin market, as reported by data analytics firm Lookonchain.
Between June 14 and July 11, a total of 536 Ethereum, equivalent to approximately $1.04 million, was spent on purchasing a staggering 613 billion PEPE coins.
The investor, known as “osf_rekt,” made the latest purchase of 173 billion PEPE coins just 16 hours ago, spending 141 Ethereum, which amounts to roughly $265,000.
PEPE coin, a meme-themed cryptocurrency that debuted in April, has been creating significant waves in the crypto market since its launch.
Within just a month, it reached a market capitalization of billions of dollars, showcasing its rapid growth and popularity.
Currently ranked 72nd in the global cryptocurrency market according to CoinGecko, PEPE coin is trading at $0.00000154 with a market capitalization of $646 million.
READ MORE: Coinbase Temporarily Suspends Staking Services
The 24-hour trading volume stands at a robust $73,568,386, indicating a high level of investor interest in this meme coin.
Despite the inherent volatility and unpredictability associated with meme coins and the crypto market in general, the PEPE coin continues to attract substantial investments.
Its impressive rise in value and significant market capitalization demonstrate the confidence investors have in its potential for returns.
The CEO of Ripple, Brad Garlinghouse, recently referred to the SEC as a “bully” following a landmark court decision in favor of XRP.
Garlinghouse expressed joy over the outcome, highlighting that it marked the first time the SEC lost a crypto case.
The SEC has been actively involved in crypto-related enforcement cases, leading to concerns within the crypto sector about the agency’s authority and its impact on the industry.
The Ripple case is particularly significant, as it challenges the SEC’s classification of XRP as a security.
The recent court ruling has been seen as a blow to the SEC, and it has prompted discussions about the agency’s reach and the need for clarity in regulations surrounding digital assets.
In conclusion, the PEPE coin market has witnessed substantial investment activity, with billions of coins being purchased over a month.
The cryptocurrency’s market capitalization and trading volume demonstrate its popularity among investors.
Meanwhile, the Ripple CEO’s criticism of the SEC highlights the ongoing debates surrounding regulatory oversight in the crypto industry.
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