PEPE Coin Surges 40% in 24 Hours, Tops the List of Top 100 Gainers

Pepe (PEPE), the well-known memecoin, is currently leading the pack as the top-performing cryptocurrency among the top 100 projects. Over the past 24 hours, the frog-themed crypto has experienced an impressive surge of 40.6%, and its gains in the weekly charts stand at a remarkable 69%.

Furthermore, Pepe (PEPE) holders have been steadily increasing. As per data from Etherscan.io, the memecoin now boasts a total of 121,461 holders, marking a 0.478% growth within a 24-hour period. The recent rally has also contributed to a rise in the percentage of holders in profit. Recent figures from IntotheBlock show a 12.53% increase in the number of holders in profit within the past day. Currently, 44% of holders are in profit, while 41% are experiencing losses, and 15% are at a breakeven point.

One possible factor behind the rally could be the positive investor sentiment surrounding BlackRock’s Spot Bitcoin (BTC) ETF filing. With Bitcoin influencing the current market trends, Pepe is capitalizing on the prevailing market conditions. Additionally, data from IntotheBlock indicates an 8.10% decline in large transactions, suggesting that retail investors may be driving the recent rally.

Gemini, a popular cryptocurrency exchange, teased on Twitter about something related to Pepe, stating they were “Feeling pepish about something coming soon.” While no specific details have been revealed, it is worth noting that Gemini became one of the largest PEPE holders shortly after the token’s launch.

Feeling pepish about something coming soon… 🐸 pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023

Are We About to See a PEPE Comeback

The online buzz surrounding PEPE, as measured by social mentions, has experienced a significant decline of 28.9%, according to LunarCrush. However, social engagements related to the meme coin have increased by 9.6%. It is important to note the coin’s recent rally may not have a long-lasting impact due to its high volatility.

Furthermore, the lack of real-world utility and limited adoption pose challenges for the memecoin’s future growth beyond its hype-driven nature. Consequently, there is a possibility of a substantial correction in the near future. PEPE was being traded at $0.00000147 at the time of writing, reflecting a 2.1% decrease in the past hour.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.