The meme coin mania continues to astound as Pepe, one of the leading contenders, has witnessed a meteoric rise in both price and trading volume. In the bygone week alone, Pepe underwent an astounding price hike by more than 395.04% and an impressive 24-hour trading volume surge of 114.64% equivalent to $3.3 billion. Additionally, a well-known on-chain analyst firm, Lookonchain, also reported about its most recent price rally indicating that it had increased by about 53% within a day; this caused quite a sensation to the meme coin’s value.
According to Lookonchain, significant transactions have also been witnessed, with notable players making moves in the Pepe market. Two whales were reported to have bought a large amount of 840.86 billion $PEPE tokens worth $4.9 million just three hours before now. Meanwhile, another investor with a code name 0x379e has withdrawn heavy 500 billion of the tokens from Binance amounting to $2.96 million. In addition, 0x04EE invested $1.95 million into USDC and received 340.86 billion $PEPE tokens.
Furthermore, a remarkable story surfaced in the midst of chaos about a person who invested $3,000 in Pepe early on and now has an astounding $35.5 million. He sold some of his stake for $2 million but still holds on to a substantial amount of $30.8 million, which makes him the 13th largest holder of PEPE. His journey is an example of how much money can be made in meme coins volatility as his profits totaled $32.8 million, this equals gaining 11077 times more than what he put into it at first.
Pepe’s Surge In Social Activity
While the Pepe community is celebrating the sudden increase in the price of this coin; there are also people who express their concern and regret over some things. Some people cannot come to terms with the fact that Pepe rose from nothingness to occupy a significant position among cryptocurrencies rapidly. Others think that they should have taken advantage of opportunities at an early stage of their availability, thus citing that markets are volatile and unpredictable with life-changing profits.
Meanwhile, meme coins as a whole have experienced a surge in social activity that shows people are interested and happy about buying them. Santiment avers that some of the meme coins such as $SHIB, $PEPE, $FLOKI, and $BONK have seen an exponential increase in trading volumes reaching over 3000% spikes over the week. This shows how much volatility is going on in terms of trading volume which also indicates potential price reversals while at the same time demonstrating that it is hard to predict anything concerning this memecoin phenomenon.
However, despite these mixed feelings one thing still stands out—there is no relenting on the part of those in love with the meme coin craze who are breaking records in social and trading activities. With the rise in audacious investors and laypersons being attracted by meme coins all around, Pepe and co’s story proceeds giving an insight into the world of digital currencies where things just happen event by event.
Related Reading | FTX’s Questionable Claim Valuations Spark Community Distrust And Demand Accountability