Benzinga - Frog-themed meme coin Pepe (CRYPTO: PEPE) stormed to an all-time high Tuesday, rendering all of its holders in profit at one point in the day.
What Happened: The coin became the largest gainer in the memecoin market in the last 24 hours, and one of the largest in the broader market, with gains of more than 10%, according to data from Benzinga Pro.
About 98% of its holders were making money at the time of publication, according to IntoTheBlock data, with the figure hitting 100% earlier in the day.
The meme token pipped large-cap cryptocurrencies like Solana (CRYPTO: SOL), BNB (CRYPTO: BNB), and Dogecoin (CRYPTO: DOGE) in 24-hour trading volume, totaling $3.8 billion.
The upsurge caught the eye of investors, leading some to fill their bags with PEPE. A trader withdrew more than 407 billion tokens, worth $4.4 million at prevailing market prices, according to Spotonchain.
The big grab indicated expectations of PEPE's value rising further in the days to come.
Smart traders are accumulating $PEPE and $FLOKI in the past 24 hours! Is #memecoin season returning?1. DWF Labs (@DWFLabs) withdrew 2B $FLOKI ($394K) from #Binance 40 mins ago.
– Notably, this is their first $FLOKI activity in over a year.
2. Smart trader 0x37d withdrew… pic.twitter.com/ZSSsVuRfKI
— Spot On Chain (@spotonchain) May 14, 2024
Why It Matters: Pepe was likely benefiting from the frenzy caused by the return of retail trader "Roaring Kitty," a catalyst that also sent other meme tokens flying.
The surge also signaled the start of the second meme coin bull market of the year, the first of which in March offered enthusiasts of this class of cryptocurrencies enormous profits.
In fact, one cryptocurrency trader underlined how it was the meme coins that were netting solid returns, while fundamental and utility tokens were letting them down.
I thought we came into crypto for tech