Pepe coin’s exponential surge captured widespread attention in the year 2023. However, in line with the typical trajectory of memecoins, PEPE eventually saw its prosperous phase conclude, ushering in a period of decline. Nonetheless, current circumstances suggest a potential shift in this scenario.
The digital asset observed a noteworthy upswing of 12.6% within a single day, despite its value having diminished by 14.8% over the past month. Alongside its price fluctuations, there has been a marked increase in trading activity involving this meme coin. Recent data reveals a significant surge in trading volume over the past three days, with figures escalating from $53 million on August 7th to $168.8 million on August 9th. This spike in trading volume is likely attributed to heightened buying engagement.
Amidst these unfolding events, a significant investor chose to procure a stake in PEPE. An anonymous entity with substantial holdings took a daring step by investing 1 million USDC, which translates to a sum of $1,000,300, to acquire a noteworthy quantity of 807 billion these tokens. These tokens were appraised at approximately $0.000001239 per individual token.
Popularity Surge: PEPE Captivates a Wider Audience
Simultaneously, the PEPE network was undergoing a revitalized growth in its adoption rate. As reported by IntoTheBlock, PEPE was drawing the interest of a fresh group of investors. The percentage of recently established addresses making their initial transaction among the total active addresses for a specific day surged from 22% on August 5th to 28.65% at present.
These collective signs suggest that the asset could potentially sustain its ongoing upward trajectory. However, it’s crucial to recognize that PEPE is currently trading at a value that is 71% lower than its historical peak of $0.00000431.