In the last 24 hours, $46.37 million worth of $PEPE has been deposited into exchanges. The meme coin has net deposits from 1,176 addresses amounting to $22.94 million. $PEPE has seen a significant drop of 31% in value, shrinking its market value to around $500 million, as reported by ScopeProtocol.
$PEPE is a meme coin that has gained significant popularity in cryptocurrency. It has captured the attention of crypto enthusiasts and investors due to its unique and humorous nature.
Despite its playful image, $PEPE has also experienced fluctuations in its market price. This volatility is characteristic of many memecoins, as trends, speculation, and the overall sentiment of the market can influence their prices.
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On May 11, 2023, @lookonchain, a prominent cryptocurrency analyst, tweeted about $PEPE and $LADYs (another meme coin). In his tweet, he praised how a cryptocurrency trader made huge profits trading meme coins. The trader bought $PEPE on Apr 18 and $LADYS before Elon Musk tweeted. In summary, his investment gained 36x on $PEPE and 35x on $LADYS.
The meme coin phenomenon has emerged as a culture in the cryptocurrency space. We can notably refer to prominent meme coins like Dogecoin ($DOGE) and Shiba Inu ($SHIB). At the time of writing, these two cryptocurrencies ranked number 8 and number 15, respectively, according to Coinmarketcap. $DOGE and $SHIB have paved the way for other meme coins to gain traction in the crypto market.