$PEPE, the meme-inspired cryptocurrency, has witnessed a remarkable surge of nearly 70% in the past week, fueled by the active participation of cryptocurrency whales.
This surge in price has positioned $PEPE ahead of rival meme tokens like Dogecoin ($DOGE) and Shiba Inu ($SHIB) amidst a broader recovery in the cryptocurrency market.
On-chain analytics firm Santiment reported a 61% surge in $PEPE within 48 hours, coinciding with a significant increase in whale transactions of $100,000 or more.
This surge in volume marked the highest observed on the $PEPE network in the last six weeks, indicating strong engagement from influential investors.
While the overall cryptocurrency market was experiencing a rally, thanks to major financial institutions submitting spot Bitcoin exchange-traded fund (ETF) applications, $PEPE’s growth surpassed that of other meme tokens.
Prominent players like BlackRock, Invesco, WisdomTree, and Germany’s Deutsche Bank have also contributed to renewed investor optimism by applying for digital asset custody licenses.
The surge in price has propelled $PEPE’s market capitalization to over $500 million, making it the 64th largest cryptocurrency by market capitalization.
It now sits ahead of Bitcoin SV ($BSV) and trails behind Neo ($NEO), further solidifying its position within the crypto space.
Despite concerns surrounding the contract owner’s ability to modify transaction taxes and blacklist functions, $PEPE has experienced a phenomenal boom since its entry into the market on April 17, 2023.
Being listed on multiple centralized exchanges has provided $PEPE with substantial traction among investors, propelling it to top 100 digital asset status.
One fortunate cryptocurrency investor managed to turn a modest investment of 0.125 ETH in $PEPE into an astonishing $1.14 million in just a few days, showcasing the immense potential for gains in well-timed cryptocurrency investments.
The surge of $PEPE highlights the influence of meme-inspired tokens in the cryptocurrency market. With significant involvement from cryptocurrency whales and its outperformance of rival meme tokens, $PEPE has emerged as a formidable player.
As institutional interest in cryptocurrencies continues to grow, supported by major financial institutions’ pursuit of digital asset-related licenses, the future of $PEPE and other meme tokens appears promising. Investors remain captivated by the potential for substantial gains in this dynamic and rapidly evolving market.
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