Significant investment activity has been observed on the PEPE coin market, according to data analytics firm Lookonchain.
A total of 536 Ethereum (equivalent to roughly $1.04 million) has been spent to purchase a whopping 613 billion PEPE coins between June 14 and July 11.
The investor, who operates under the alias "osf_rekt," is said to have made the latest purchase of 173 billion PEPE coins just 16 hours ago, spending 141 Ethereum, or approximately $265,000.PEPE coin, the meme-themed cryptocurrency that debuted in April, has been making considerable waves in the crypto market since its inception. Within just a month of its launch, the PEPE coin hit a market capitalization of billions of dollars.
Market data from CoinGecko shows that PEPE coin holds 72nd place in the global cryptocurrency market. It is currently trading at $0.00000154 with a market capitalization of $646 million.
The 24-hour trading volume stands at a robust $73,568,386, suggesting a high level of investor interest in this meme coin.
Despite the volatile nature of the crypto market and the particular unpredictability associated with meme coins, the PEPE coin continues to attract substantial investments. Its rapid rise in value and significant market capitalization suggests that investors are confident about its potential for returns.