The meme-inspired cryptocurrency $PEPE has seen an extraordinary price surge of nearly 70% in the past week. This remarkable ascent can be attributed to the active participation of cryptocurrency whales who have shown considerable interest in the rising digital asset.
According to Santiment, a renowned on-chain analytics firm, the cryptocurrency witnessed a significant 61% increase within a mere 48-hour period.
This surge coincided with a surge in “whale transactions” exceeding $100,000, alongside a substantial surge in network volume, marking the highest activity witnessed in the past six weeks.
Amid a broader crypto market recovery, $PEPE has outperformed its meme token counterparts such as Dogecoin ($DOGE) and Shiba Inu ($SHIB).
The recent rise in cryptocurrency prices can be attributed to major financial institutions filing applications for spot Bitcoin exchange-traded funds (ETFs). Prominent names like BlackRock, Invesco, WisdomTree, and Deutsche Bank have displayed interest in digital asset ventures.
As a result of its impressive price surge, $PEPE’s market capitalization has now exceeded $500 million, positioning it as the 64th largest cryptocurrency by this metric. It has surpassed renowned cryptocurrencies like Bitcoin SV ($BSV) and falls just behind Neo ($NEO).
Launched on April 17, 2023, $PEPE is a meme coin that draws inspiration from the popular Pepe the Frog meme and cartoon character.
Despite concerns about potential contract modifications, including transaction tax adjustments and blacklist functionalities, $PEPE’s market has witnessed tremendous growth.
The digital asset has managed to secure a spot among the top 100 cryptocurrencies after being listed on several centralized exchanges.
Notably, an astute cryptocurrency investor turned an initial investment of 0.125 ETH into an astonishing $1.14 million within a matter of days by strategically entering the $PEPE market at the right time.
