PEPE, a cryptocurrency inspired by the popular internet meme Pepe the Frog, gained immense fame in no time, following the path of Dogecoin [DOGE] and Shiba Inu [SHIB]. The asset brought ample gains for its holders but is currently facing a downtrend.
PEPE’s value has dropped by 17.9% in the past 24 hours and is trading at $0.00000227. The coin had reached its peak value of $0.000003093 before plummeting. PEPE’s current value is 47.47% lower than its highest recorded value of $0.000004354, instilling fear among investors who thought the hype around the meme coin was dying down. However, there are still chances for the asset to recover.
Whales Are Still Accumulating PEPE Coin
Lookonchain’s recent data reveals that there is still significant whale activity in the PEPE ecosystem. The data indicates that four whales acquired a total of 8.77 trillion PEPE tokens worth $22.15 million.
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Moreover, the buying activity of the token did not slow down over the weekend as one of the whales purchased 962.3 billion tokens worth $2.46 million. Several similar high-volume purchases were made throughout the week, suggesting that the enthusiasm surrounding the meme coin has not waned yet.
PEPE Buzz Is Still On
In addition to the whale data mentioned earlier, PEPE remains the most relevant coin at the moment. This claim is supported by the fact that PEPE is ranked as the top cryptocurrency in LunarCrush’s list, which considers both social and market activity.
Over the past 24 hours, there has been a 41.9% surge in the number of times PEPE has been mentioned on social media and a 42.7% increase in social engagement, indicating that there is still a lot of interest in the meme coin. These figures could potentially have a positive impact on its price.
Getting listed on the world’s largest cryptocurrency exchange can be a game-changer for new cryptocurrencies. Last week, Binance announced the listing of PEPE and FLOKI into its Innovation Zone, which could significantly impact their growth. Building on its interest in these assets, the exchange has added PEPE, FLOKI, and SUI to Binance Covert.
Binance Convert has now made it possible for users to trade SUI, FLOKI, and PEPE against BTC, USDT, and other supported tokens without any transaction fees. This move could potentially have a positive impact on the growth of these assets.
Read Also: FLOKI (FLOKI) and Pepe (PEPE) Listing Delayed By Binance
Furthermore, the market sentiment and speculation are also crucial factors that could impact the recovery of PEPE. The overall sentiment of the cryptocurrency market could affect the value of the asset, with a bullish market potentially driving up the value of most cryptocurrencies, including PEPE.
Additionally, speculation and hype can sometimes cause a surge in demand and value for a cryptocurrency, even in the absence of any fundamental reasons for the rise.