PEPE Marks Leads Crypto Gains as Memecoin Frenzy Continues
As the memecoin frenzy dominated investor narratives in the last days, PEPE and other coins doubled down on pre-recorded gains spanning back to 2023. PEPE posted 24-hour trading volumes of $1.7 billion with a market cap of $3.49 billion.
PEPE’s astonishing growth can be seen over a month of bullish momentum gaining over 590% as investors continue to pump assets to memecoins.
The memecoins drive attracted investors as it spiked over 14,000% since its launch spurring fresh investment for memecoins.
Other altcoins including FLOKI, AIOZ Network, and Stacks also posted double-digit gains amid the wider cryptocurrency market downturn.
Whales Back PEPE
The upward direction of the memecoin is bolstered by the activities of some large holders amassing the asset leading to wider community participation. This month, data from LookOnChain shows a whale purchased 840 billion of the coin from Binance.
The move triggered buy-ins from smaller market participants increasing the market cap of the memecoin. At the moment, the addresses by holding of PEPE show tilts on the part of smaller holders.
On-chain data shows that 87.9% of total wallets hold less than $1,000 worth of PEPE while 11% own up to $100,000. A minority 0.30% own above $100,000 worth of assets. Despite this, the presence of whales at certain points in the bull market has aided the growth of PEPE.
In a related development, data from Lookonchain shows a trader who turned $3,000 worth of PEPE into $32 million on March 4.
Memecoin Rush Cools
The memecoin frenzy that dominated the space for weeks has witnessed pullbacks in the past 24 hours as users look to make a profit from their assets. The cryptocurrency market decline in the same timeframe also triggered the memecoin downtrend.
Top memecoins like Dogecoin (DOGE), and Shiba Inu (SHIB) have posted weekly losses totaling 12.1% and 14.6% respectively. While some commentators predicted slowing numbers, the last 24 hours have turned the tide with DOGE, PEPE, and FLOKI ticking double-digit gains.
However, Solana memecoins seem to lose steam with BONK’s 24.4% decline in the last seven days as WIF and MYRO also report negative numbers.
Read Also: Solana’s 68% Monthly Gain Tests Correction Waters
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