PEPE, the amphibian-themed token that kickstarted the meme coin season in April this year, remains a subject of both fascination and volatility within the cryptocurrency landscape. Its journey, marked by highs and lows, offers insights into the evolving dynamics of this speculative market.
In a surprising turn of events, the meme coin arena witnessed a significant exchange of millions of SHIB and BONE tokens for PEPE, shortly after the successful launch of Shibarium’s mainnet.
A notable whale, identified by Lookonchain as per a PEPE price analysis data cited in a new analysis shifted its holdings from SHIB and sister-token BoneShibaSwap to PEPE, raising eyebrows in the crypto community.
The whale’s move, which included a substantial deposit of 143 billion SHIB into Binance, hints at a potential strategy shift and a “buy the rumor, sell the news” approach that seems to favor PEPE at the expense of SHIB.
PEPE Coin price action today. Source: Coingecko
However, PEPE’s recent price performance has been on a rollercoaster ride. The current price of $0.00000110, as reported by CoinGecko, reflects an 8% slump in the last 24 hours and a 12% decline over the past seven days.
This stark fluctuation highlights the inherent volatility of meme coins, where sudden shifts in sentiment can lead to rapid price movements.
PEPE Social Volume, Holder Numbers Paint A Complex Picture
The report’s analysis reveals an intricate pattern in PEPE’s social volume over the past month. The coin’s popularity has swung back and forth, indicating days of heightened interest juxtaposed with relative indifference.
However, in the face of this up-and-down pattern, a notable trend emerged – the rise in the number of PEPE holders.
Currently, the coin boasts a total of 137,000 holders, underscoring a dedicated community that remains engaged despite the market’s unpredictable nature.
PEPE total amount of holders. Source: Santiment.
The Quest For New Meme Coins On DEXes
In the wake of PEPE’s price correction, traders have turned their attention to emerging meme coins on Decentralized Exchanges.
The allure of new low market cap cryptocurrencies lies in their potential for exponential gains before even making their way to Centralized Exchanges.
These gains are often followed by retracements, as shorting opportunities become available post-listing.
PEPE is currently trading at $0.0000010965. Chart by TradingView.com
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