The PEPE memecoin has seen an explosive rise of 90% in 24 hours, reaching a market capitalization of almost $700 million. This dizzying rise is explained by the action of the whales and the enthusiasm of influential personalities for this token. Even American rapper Soulja Boy raved about it on Twitter, saying he won big thanks to PEPE.
PEPE price up 90% in 24 hours
Currently, the crypto market is not in its best shape, even Bitcoin is struggling to break above the $30,000 mark. However, the memecoin PEPE launched in mid-April is causing a stir among investors by recording meteoric growth.
Listed on Coinmarketcap at just $0.0000000579, PEPE has quickly established itself as one of the most popular choices in the cryptocurrency industry. In any case, the media hype of this memecoin is in the niche.
Its price has skyrocketed, hitting a 1000% rally in the past week. Compared to its price when it was initially listed on Coinmarketcap, PEPE’s price has increased by 5795.51%, representing a boon for opportunity seekers in the cryptocurrency market.
At the time of writing, a PEPE token is trading at around $0.0000017, with a market capitalization close to $700 million. But what explains this unprecedented enthusiasm?
A samecorner; Marketing?
It would seem that the whales of the cryptosphere have had their eyes on the rising price of the PEPE token, which has seen a spike in popularity recently. According to Analyses of the Lookonchain platform, one of these holders would have exchanged almost all of his other assets (WBTC, CULT, UNI and ETH) for a massive amount of PEPE, amounting to one trillion seven hundred and twenty billion (1.72 T) . This transaction allowed him to make a virtual profit of one million dollars. Other whales also took advantage of the bullish trend to make sizable gains.
Even celebrities, like rapper Soulja Boy, have joined the PEPE craze, affirming that he got rich thanks to this token. However, he did not specify how much he actually earned.
Although PEPE’s popularity has grown exponentially, it’s crucial to keep some perspective to avoid falling into the FOMO trap. Indeed, most novice investors often rush to invest in projects without taking the time to think, for fear of missing an opportunity. This is why caution is in order!
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