Pepe obtained an astounding 60% rise in price. This spike comes with higher activity levels by cryptocurrency whales, showing increasing interest in the meme coin category.
The market has witnessed six wallets collectively selling around 1.98 trillion PEPE, or $4.37 million, resulting in a believed profit of almost $2 million.
The wallets' sell-off was most likely driven by a desire to profit from the recent increase in the value of PEPE.
What does it mean for Pepe Cryptocurrency?
The recent price rise has pushed the Pepe meme token above Bonk (BONK), making it the third-largest meme coin by market valuation, now reaching $1 billion.
Also, its trade volume increased by 80% to $1.2 billion during the same period.
This spectacular success correlates with a larger surge in meme currencies, frequently considered speculative wagers on the expansion of blockchain ecosystems.
Such tokens have gained an average of 6.6% in the last 24 hours, indicating a growing demand across many networks.
Pepe meme token's current increase is not an isolated event; it is part of a larger rally among meme currencies, which are frequently viewed as speculative endeavors inside blockchain ecosystems.
Meme tokens have gained an average of over 12% in the last 24 hours, demonstrating increased interest across several networks.
This comeback corresponds with the overall revival of the cryptocurrency market, largely fueled by Bitcoin's recent run above $60,000, a level not seen since November 2021.
In addition to Pepe's current spikes, Binance, the world's top cryptocurrency exchange, is starting a series of promotions for the coin.
To increase Pepe demand, Binance gave free tokens and increased interest rates, attracting investor interest.
Does this Pepe cryptocurrency have any past challenges?
Pepe's path has not been without challenges. Last August, the cryptocurrency world was shaken by shocking news: a multi-signature $PEPE wallet, originally supposed to need five signatures for access, had been suddenly updated to enable access with only two signatures.
This unanticipated event set off a chain reaction with serious ramifications for the $PEPE ecosystem.
Approximately 16 trillion $PEPE tokens were moved from the hacked wallet to controlled exchanges (CEXs), creating confusion and forcing traders to dump their holdings.
In less than 24 hours, the consequences of this unusual transaction were clear as Pepe's price plunged, wiping off a whopping $100 million from its market capitalization. The once-promising meme currency was on the verge of a rapid fall.
How about the Pepe meme token category?
During the same span, the pioneering memecoin DOGE increased by around 12%, with SHIB and BONK following closely after with increases of roughly 10% for each.
This trend is driven by a rise in retail interest in cryptocurrencies, as indicated by a 200% increase in crypto-related Google searches.
The emergence of institutional money, as seen by the introduction of spot Bitcoin ETFs by traditional financial behemoths like BlackRock, has also played an important part in rejuvenating the cryptocurrency market.
The performance of these ETFs, notably the Newborn Nine, indicates that institutional investors are rethinking their attitude toward memecoin investing.
Memecoins, often seen as having no intrinsic value, have acquired popularity as speculative investments in their separate ecosystems.
Organizations like the Avalanche Foundation, which controls the Avalanche blockchain, have begun to embrace meme tokens on its network, recognizing their cultural and memetic value to investors.