A whopping $46.37 million in PEPE has been reported to be deposited into various exchanges within the last 24 hours. The significant sum includes a net deposit worth $22.94 million from a total of 1,176 addresses, indicating a massive influx of meme coin enthusiasts in the market.
According to the tweet by 0xScope, an on-chain analyst, the surge in PEPE deposits is an alarming trend that poses potential risks to investors. The tweet further warned of the possibility of MEME coin drop risks, urging traders to exercise caution and be mindful of their investment decisions.
This latest development highlights the growing popularity of PEPE as an emerging cryptocurrency and its potential impact on the wider market. While the deposit surge is undoubtedly exciting for PEPE enthusiasts, investors must stay vigilant and informed to navigate the ever-evolving market landscape.
Recently, Borovik.eth, a prominent figure in the cryptocurrency space, expressed his outrage on Twitter regarding an email notification by Coinbase that referred to the Pepe meme coin as an “alt-right hate symbol.” Borovik.eth shared a screenshot of the email and questioned why Coinbase would send out such a message.
The Anti-Defamation League has identified Pepe, the mascot of the meme coin, as a symbol of hate co-opted by alt-right groups. Despite this association, the meme token achieved a remarkable milestone by becoming the fastest Ethereum token to surpass the $1 billion mark last weekend but unfortunately experienced a significant drop of over 50% in value over the following days.
PEPE Price Analysis
PEPE, based on the popular “Pepe the Frog” meme, has recently gained much attention from enthusiasts. It was launched on April 14th and reached its peak market cap of $1.83 billion in just a few weeks on May 5th.
It is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.000001263, down by about 22.35% in the last 24 hours.
However, the weekly chart recorded a significant decrease of about 38.85%, dropping its market value to about $500 million ($494,700,680) in the last 24 hours, with a 22.43% decline. While its trading volume has witnessed an increase of 56.32%, reaching $784,519,971 in the last 24 hours.