Santiment on-chain data vendor has drawn the attention of its followers to the recently trendy meme coin PEPE, which has put up a massive surge over the last two days, having grown approximately 61% within that period.
PEPE price keeps growing, while market begins to rebound
While the rest of the market began fading after a recent massive surge of Bitcoin, when it stepped over the $30,000 level for the first time since April, PEPE continued to go up. The Santiment team has named a likely reason for PEPE's growth — whales have been "heavily engaging on its way up."
🐸 Even with #crypto markets slightly fading after its week of surges, $PEPE has a mind of its own. In the past 48 hours, the #memecoin has pumped +61% with whales heavily engaging on its way up. Watch trading volume to see if it stays at this high level. https://t.co/IvoWhfXa2s pic.twitter.com/gxn9ji2sqj— Santiment (@santimentfeed) June 22, 2023
Within the last 24 hours, the coin's growth constitutes slightly under 10%. In the meantime, the two leading meme cryptocurrencies — Dogecoin and Shiba Inu — have begun to slump after large recent growth. DOGE has gone down 2.01% over the past 24 hours, and SHIB has declined 3.43%.
Still, DOGE is up 7.79%, and SHIB has grown 16.73% over the past seven days.
The massive growth of the crypto market, and the meme coin sector in particular in terms of price and trading volume, is due to the Bitcoin surge above the $30,000 level after several major Wall Street firms, including Fidelity, launched their own crypto exchange. Besides, several big financial companies, including BlackRock and Invesco, filed applications to seek regulatory approval to roll out a Bitcoin-based spot ETF.
Recent PEPE milestone
As reported by U.Today, a day ago, frog-themed meme coin PEPE hit a major milestone in holder count as this metric reached 128,600 holders in total — 121,900 on Ethereum; 5,700 on the BNB chain and slightly fewer than 1,000 on the Arbitrum chain.
PEPE was released in April by an anonymous team of developers with no white paper as such (according to the coin's website). The coin has no intrinsic value or utility purposes and unlike the leading meme coins based on the Shiba Inu dog breed, this token was based on the meme of Pepe the Frog.
According to various tweets by the @lookonchain "Smart Money" tracker, whales do not hold PEPE long term but buy it on the dip and then sell it quickly as the price rises to make a quick buck on it.