The cryptocurrency market has recently witnessed an unexpected rise in the value of PEPE Coin (PEPE), marking a substantial 61% surge. This meteoric rise is particularly noteworthy amidst an overall decline in many cryptocurrencies following Bitcoin’s recent breakthrough above the $30,000 level – the first time it has reached such a level since April. Such an abrupt leap in Bitcoin’s value typically influences the entire cryptocurrency market, often leading to significant shifts in value for other coins. However, PEPE Coin has not only defied this trend but also achieved remarkable growth.
As investor attention continues to grow due to this unexpected upward trajectory, cryptocurrency industry analysts are also keeping a keen eye on the PEPE Coin. Reports from the on-chain analytics platform Santiment reveal a sustained growth trend, with PEPE Coin’s value soaring by nearly 61% in recent times. Furthermore, PEPE Coin has continued to showcase impressive growth over the past 24 hours, registering a gain of just under 10%.
In stark contrast, two of the leading meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced a dip in their values. During the same period, DOGE has reported a 2.01% decrease, while SHIB has suffered a 3.43% decline. However, it’s worth acknowledging that both DOGE and SHIB have seen their value increase over the past week, with DOGE recording a 7.79% gain and SHIB posting an impressive surge of 16.73%.
Adding to PEPE Coin’s commendable performance is its achievement of a significant milestone related to its holder count. The project now boasts a total of 128,600 holders. A majority of these, 121,900 to be precise, are part of the Ethereum blockchain. On the Binance Smart Chain, PEPE Coin has garnered 5,700 holders, while on the Arbitrum chain, it has a minor representation with 1,000 holders.
The recent bullish trend observed in the cryptocurrency and memecoin market can be attributed to a myriad of factors. Among them, Bitcoin’s recent surge and increased institutional interest in the cryptocurrency sphere stand out. According to Santiment, the involvement of large-scale investors, often referred to as ‘whales,’ might have played a significant role in fuelling PEPE Coin’s remarkable ascent.
As the crypto market continues to evolve, the interest in PEPE Coin amongst South African investors is also expected to grow, given its unique position in the cryptocurrency space. The coin’s recent success story presents an opportunity for local investors to diversify their crypto portfolio and participate in the dynamic and growing world of memecoins.