According to the latest data, PEPE’s social communication activity has surpassed Bitcoin (BTC), the largest cryptocurrency. Also, one of the most popular meme coins, Shiba Inu, has been overshadowed by PEPE in terms of social activity. Here are the details…
Bitcoin and SHIB overshadowed by PEPE
Social analytics platform LunarCrush reported that the PEPE token has seen a significant increase in social interaction activity, with discussions and mentions on social media increasing rapidly. According to LunarCrush, PEPE takes the lead in social interaction activities, surpassing Bitcoin and even the Shiba Inu (SHIB). Bitcoin ranks second in terms of social interaction efficiency, while Shiba Inu ranks seventh. High social engagement activity indicates tremendous community engagement to social media posts, measured by likes, messages, comments, engagement from influential accounts, and more.
https://twitter.com/LunarCrush/status/1657429014116728833
The excitement around “Pepe” took a new turn after Tesla CEO Elon Musk indirectly referred to Pepe in a tweet on May 13. As Cryptokoin.com also reported, the price of PEPE token unexpectedly rose in response to the tweet. Another development contributing to the increase in social interaction activity for Pepe came from a cryptocurrency exchange. Popular cryptocurrency platform Gemini has announced its 1 billion PEPE token distribution campaign.
Cryptocurrency exchange Gemini has announced that it will give 1 billion Pepe tokens to one lucky winner. One of the criteria for participating in this campaign is to share Gemini’s Pepe post. Therefore, the social activity of PEPE may have increased. The spike in social interaction activity and the price of the PEPE token highlights the impact of social media and celebrity endorsements in the cryptocurrency world. It also demonstrates the power of community participation in driving interest and value for certain tokens. It is not yet clear whether the PEPE token will sustain its newfound popularity and value. However, for now, it seems to be caught in the wave of interest and excitement on social media.
Meme coin craze has subsided
Meanwhile, despite the social activity data, the meme coin minting frenzy that clogged the Bitcoin network last week seems to have subsided. Moreover, the frog-themed PEPE meme coin in the limelight has lost 60 percent since its peak earlier this month. PEPE rose to an all-time high of $0.00000431 while it was unknown on May 5. However, it has since dropped more than 60 percent to current prices of $0.00000172.
The meme coin fell 4.5 percent on the day, while the markets gained 1.7%. This shows that the memecoin fever is over for now. The coin’s market cap reached $1.6 billion before falling back to current levels of around $720 million.
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