PEPE, the deflationary memecoin on Ethereum, has reached unprecedented heights in its journey. In the early hours of May 14th, PEPE set a new all-time high of $0.000011, a huge +37500% rise from its all-time low. Many investors have been optimistic about the token’s growth after the Bitcoin halving, with many analysts forecasting an all-time high for the frog token. PEPE is ranked 23rd on CoinMarketCap and has seen a 26% growth in value over the last two weeks, putting it as one of the top-performing memecoins for 2024.
Pepe coin’s price has risen significantly, as has trading volume. PEPE’s trading volume increased by 308.92% over the previous day, reaching $2.33 billion. This surge in trading volume reflects the growing interest among investors and the overall market buzz surrounding memecoin.
To make matters even more fascinating, a well-known investor known as ‘Pepe Whale’ has recently made significant market moves. This investor recently invested 250 billion PEPE tokens, totaling $2.67 million, in Binance CEX. The investor, who first purchased 474.95 billion PEPE for $1,000, is now expected to have generated a profit of around $3.6 million after their most recent deposit.
According to blockchain tracking sites, 250.40 billion Pepe coins changed hands in the last day, indicating that knowledgeable investors are exchanging Pepe currencies. A wallet with address 0x37 bought 406.74 million PEPE from Binance, while another with address 0x647 sold 250 billion PEPE on the same exchange.
An original purchase of 475 billion PEPE with 0.51 ETH was documented, and the owner has since sold 468 billion PEPE, yielding in a 2084-fold return on investment. This wallet still holds a significant number of PEPE coins, totaling approximately 7.25 billion, indicating investor optimism about a potential growth in the token’s value.
In a similar vein, Dogecoin’s value has increased little over the last two weeks. It is now trading at $0.1515, with a market capitalization of $21.85 billion. Despite this upward tendency, the DOGE futures market has reached a significant $2 billion in trading activity. Both long and short DOGE traders have taken positions, resulting in a +12.79% increase in the Open Interest rate over the last 24 hours.
According to CoinGlass statistics, PEPE’s Open Interest has increased by +64.88%, indicating growing trader confidence in the company’s future performance prospects. However, the rapid expansion in open interest and trading volume for PEPE and DOGE may result in increased speculative behavior, perhaps leading to increased market volatility and future corrections.
Ashton Similien, a Binance-based crypto analyst, has projected a price correction for the PEPE in the coming hours. His statement to crypto investors cautioned against the volatility risks associated with PEPE and noted the probability of a price regression to its previous level. Another cryptocurrency expert, Crypto Radd, advised PEPE investors not to overtrade, instead proposing that they progressively invest in trustworthy long-term assets on Platform X.
