In recent days, meme coin frenzy has dominated investor discourse. pepe PEPE had a 24-hour trading volume of $1.7 billion and a market capitalization of $3.49 billion.
PEPE’s impressive growth is evidenced by bullish momentum increasing by over 590% in one month as investors continue to pour assets into the meme coin.
Memecoin's push has captivated investors, surging more than 14,000% since its launch and prompting new investments in Memecoin.
Other altcoins such as FLOKI, AIOZ Network, and Stacks also posted double-digit gains amid the broader crypto market downturn.
Whale's back PEPE
The meme coin’s upward trend is reinforced by the activity of some large holders accumulating assets leading to broader community participation. This month, LookOnChain data revealed that whales purchased 840 billion coins from Binance.
This move sparked buy-in from smaller market participants and increased the memecoin's market capitalization. At present, addresses owned by PEPE tend to be dominated by small holders.
According to on-chain data, 87.9% of all wallets hold less than $1,000 worth of PEPE, while 11% hold up to $100,000 worth of PEPE. A 0.30% minority owns assets of $100,000 or more. Nevertheless, Whale Certain points in the bull market have helped PEPE grow.
In a related development, Lookonchain data shows that one trader made a profit worth $3,000. pepe On March 4th, it rose to $32 million.
meme coin rush cools
The meme coin craze that took the industry by storm for weeks has witnessed a pullback in the past 24 hours as users look to profit from their assets. The drop in the cryptocurrency market during the same period also caused a downward trend in meme coins.
Top meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) posted total losses of 12.1% and 14.6%, respectively, during the week. Some commentators were predicting a slowdown in numbers, but the tide has turned in the past 24 hours with DOGE, PEPE, and FLOKI posting his double-digit gains.
but, solana meme coin BONK seems to be losing momentum, down 24.4% in the past 7 days, as WIF and MYRO also report negative numbers.
Also read: Solana's 68% Monthly Gain Test Correction Water
