Last week, Ethereum’s price fell slightly by 4%. This drop coincided with PEPE whales taking profits as the token dropped 20%. Meanwhile, the debate continues on whether PEPE will be the best meme coin. Meanwhile, the PepeCoin-themed NFT series generated more than $2 million in trading volume
Ethereum falls as PEPE whales take profits
Last week, the value of the leading altcoin Ethereum (ETH) registered a slight decline. Simultaneously, we witnessed the same story in the case of the meme coin PEPE. PEPE, while not mainstream, has created a buzz within the crypto community lately. Seven days ago the token was worth $0.00000169, and today its price is down 20.33% at $0.00000151.
7-day PEPE chart / Source: CoinMarketCapA significant number of PEPE whales have recently decided to take profits. Experts speculate that this activity is one of the factors influencing the price drop of ETH. While the drop in the weekly price of Ehereum can be attributed to the greater volatility inherent in the crypto market, the timing of this drop coincides with the change in the investment behavior of PEPE whales.
Originally created as a humorous reference to an internet meme, PEPE has managed to gain traction. As you follow on Kriptokoin.com, PEPE has become a very popular token in a short time.
Could PEPE be the best meme coin?
A Santiment report says PepeCoin may face difficulties in an overall bleak trading environment. In Pepecoin (PEPE)’s $1.5 billion market cap in just a few weeks, individual traders were mostly absent, even as the token captured billions of dollars in daily volumes and a slew of copycats.
This is illustrated by a new report from on-chain analytics firm Santiment. Santiment compares liquidity and trading metrics for PepeCoin to popular meme coins Shiba Inu (SHIB) and Dogecoin (DOGE), which were once worth a cumulative $160 billion at its peak. Santiment says Dogecoin and Shiba Inu reached peak trading volumes of $70 billion and $40 billion, respectively, while PepeCoin manages relatively less $2 billion.
But the biggest factor here is that PepeCoin achieved these volumes in the middle of a bear market. This market has been marred by lower liquidity overall as key market makers have withdrawn their crypto trading plans. This paves the way for future growth potential when overall market conditions are better. “While PEPE’s trading volume is significantly lower, it leaves room for growth and untapped potential,” Santiment says. In addition, his report includes the following assessment:
However, this also means that the liquidity and individual participation in the PEPE market is much less than DOGE and SHIB have experienced in previous years. In fact, it seems that his individual environment has changed dramatically and his individual involvement seems to be almost non-existent.
Meme coin’s social volume catches up with SHIB and DOGE
In such a scenario, volumes for meme coin projects dwindle among individual traders. Santiment said, “Negotiations continue. However, the interest and investment of individual traders has decreased significantly,” he concludes. However, Santiment notes that despite the differences in trading volume and liquidity, PEPE’s social volume in crypto media is on par with DOGE and SHIB during peak periods. lyre
Trading volume comparisons of Shiba Inu, Dogecoin and PepeCoin / Source: SantimentMeanwhile, those who believe in PepeCoin continue to have a fairly high view of how the token might perform in the coming years. AdamMetaverse, a pepecoin owner, said, “I am not overly stressed from the dips and FUD. Also, I’m standing strong. Because Pepe will fight SHIB and DOGE. It will also save you big time in a bull market. I’m pretty sure of that,” he says.
Pepe frenzy has entered NFT; Bitcoin frogs top
According to the data, Bitcoin Frogs, a Bitcoin NFT series, has surpassed Bored Ape Yacht Club as the highest-grossing NFT series based on the last 24-hour trading volume. The Pepe coin-themed NFT series generated more than $2 million in trading volume with nearly 700 transactions. Sales of Bitcoin Frogs have increased by 179% in the last 24 hours, reaching $2.25 million. There was an increase of over 70% in transactions. At the same time, BAYC sales fell nearly 46% to around $1.15 million. Trading volume also saw a 56% drop.
Bitcoin Frogs is trading at an average price of 0.12 Bitcoin (worth about $3,200) at press time. According to the data, traders pay fees in the range of $50 to around $1,200. Trending NFTs are described as 10,000 pure digital collectibles that will stay in Bitcoin forever. The PEPE craze stopped last week as its price started to drop.
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