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Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone

Published 27/05/2024, 04:24
© Reuters.  Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone

Benzinga - In a significant milestone, frog-themed memecoin Pepe (CRYPTO: PEPE) hit $7 billion in market cap, with $4 billion added in May alone.

What Happened: PEPE became just the third memecoin after blue-chip currencies like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) to achieve this feat.

The token outpaced not only rival memecoins, but also the wider cryptocurrency market, gaining roughly 135% over the month. Year-to-date, the Ethereum (CRYPTO: ETH)-based cryptocurrency has returned 12X to its holders.

The mad rush for PEPE could be gauged by its high trading volumes in the last 24 hours, nearing $2.5 billion, making it the most-traded memecoin in the said time period.

The rally garnered the interest of wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew a whopping 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, their PEPE portfolio generated a 21% return.

Why It Matters: The coin's blockbuster performance amid an optimistic mood in the industry with the passage of spot Ethereum ETFs.

The last bull market saw a significant capital movement towards memecoins, with assets created out of internet jokes skyrocketing to multi-billion dollar valuations. Memecoin aficionados would be hoping for a similar story this year.

PEPE's daily active addresses rose 17% in the last 24 hours, according to IntoTheBlock. Supply held by long-term investors increased 0.53%, indicating accumulation.

Price Action: At the time of writing, PEPE was trading at $0.00001672, following a 12.29% surge in the last 24 hours, according to data from Benzinga Pro.

Read Next: Bitcoin, Dogecoin Stay Weak, Ethereum Revels In Spot ETF Euphoria — Analyst Says King Crypto Needs To Cross $70K To Hit New Highs

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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