Pepe Surges 130% in May, Flips Polygon in Market Cap

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As a crypto investor with a few years of experience under my belt, I’ve seen my fair share of market fluctuations and trends. But nothing quite compares to the meteoric rise of Pepe in recent weeks. The impressive 130% surge in the past month has not only caught my attention but also propelled it into the top 20 cryptocurrencies by market cap, briefly surpassing Polygon (MATIC).

Pepe has been creating a splash in the cryptocurrency market lately, experiencing a significant increase of more than 130% within the last month. As a result, it now ranks among the top 20 digital currencies by market capitalization, momentarily outpacing Polygon (MATIC) in this category.

Pepe Surges 130% in May, Flips Polygon in Market Cap

In the past day, Pepe has taken the front seat in the memecoin surge, experiencing a significant price increase of approximately 14%. Currently, it is priced at $0.00001662 and boasts a substantial trading volume of around $2.6 billion. The market cap for Pepe has risen by nearly 11%, while its trading volume has seen a notable uptick of over 26.7% within the same timeframe. It’s worth mentioning that the number of Pepe holders now totals 230,000.

Having a market value of $7.15 billion, Pepe surpasses Polygon’s $7.1 billion valuation, making a noticeable leap. This impressive growth is emphasized by Pepe gaining an astounding $4 billion to its market cap in May. Reaching an all-time high of $0.000017 today, Pepe achieved a significant accomplishment in its development.

As a researcher observing the meme coin market, I’ve noticed that Pepe’s influence goes beyond just market capitalization. Its trading volume now outpaces Dogecoin‘s by a factor of two. This surge in popularity and impressive performance has solidified Pepe’s place as the third significant memecoin, trailing only behind Dogecoin and Shiba Inu.

High-net-worth investors, or “whales,” have shown increasing enthusiasm for Pepe, as evidenced by a notable withdrawal of approximately 1.32 trillion PEPE tokens from Binance within the last five days.

Over the last five days, a large investor extracted approximately 1.323 trillion PEPE tokens, worth around $18.2 million at an average price of $0.00001378 from Binance. Now, with the PEPE token’s value soaring by 81% in just seven days to a new all-time high, these tokens are now valued at over $22.1 million – representing a gain of around 21%. Keep an eye on @spotonchain for any potential moves from this whale!— Spot On Chain (@spotonchain) May 27, 2024

Based on data from the on-chain monitoring tool Spot On Chain, this particular investor’s PEPE holdings have yielded a 21% profit given the present market prices, thereby reinforcing investors’ faith in the potential of the memecoin PEPE.

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2024-05-27 10:44