The memecoin Pepe has marvelously entered into the list of top 100 cryptocurrencies by marketcap with a massive gain of 2270%. While traders are keeping their distance from big cryptocurrencies like Ethereum and Bitcoin, this memecoin has piqued their interest.
Since its launch amid weak market sentiments, the growing popularity has flowed in lot of money in the token resulting in a market cap jump from zero to $540 million over the past 15 days.
As per the data from CoinGecko, PEPE coin’s market capitalization is currently at $550 million and is expected to grow a lot more, considering the 33.6% overnight gain..
The incredible growth of PEPE Coin placed PEPE Coin as the third largest memecoin in the world by market cap. The journey to the 3rd rank in MemeCoin was not easy, but investors will have to struggle a lot to take the coin to the 2nd rank.
Will PEPE Continue to Rise this Week?
On the hourly price chart, PEPE coin started retracing as buying pressure cooled down for now. Buyers found rejection at the $0.000001430 top twice, resulting in a price pattern suggesting a double top formation on the hourly chart. This could also be due to selling pressure on popular cryptocurrencies like Bitcoin and Ethereum.
At press time, PEPE coin is trading at $0.00000132, while the coin is up 4.3% today. Meanwhile, the trading volume increased by almost 70% to $550 million in the last 24 hours.
As of now, the price may retest the 50 hourly moving average (black) to complete the retracement, and it may move to another all-time high due to strong positive sentiment.
Looking at its rising popularity, centralized crypto exchange like OKX has started to list it on their market.
As of May 1st, only the PEPE/USDT pair is available on the OKX exchange. Coincidentally, the PEPE Memecoin surged 75% in the intraday trading session while the current price is $0.00000132.
Big Money Bags for Early Investors
PEPE Memecoin shines like a star among traders after generating incredible returns in a very short span of time. We can observe by the statistics how much profit investors have made from PEPE Coin. Dimethyltryptamine.eth added approximately 5.4 trillion PEPE with a cost of 0.125 ETH, roughly $250, on April 14.
So far Dimethyltryptamine.eth has sold 1.5 trillion PEPE coins from accounts of over 500 ETH and holds 3.9 trillion memecoins, a total valuation of $4.15 million at current prices.