The number of active blockchain addresses involved in Pepecoin (PEPE) transactions has skyrocketed over the past month, more than doubling amid the meme coin’s recent validation by the SEC and a consequent surge in its market value.
According to onchain, daily active addresses holding PEPE have surged by 230%, reaching 9,830. This growth has surpassed that of other meme coins, such as Floki, which experienced a 179% increase in daily active addresses within the same period. In comparison, Dogecoin saw a modest 10% increase in daily active addresses, totaling 53,000.
PEPE Price and Accumulation
Pepecoin and Floki, both ERC-20 tokens on the Ethereum network, have seen their prices soar, particularly following the approval of spot Ethereum ETFs. Over the past week, both coins have appreciated by more than 27%.
While not a flawless metric, tracking the number of daily active addresses provides insight into a network’s adoption and usage trends. Among the cryptocurrencies monitored by IntoTheBlock, Pepecoin exhibited the most significant increase in this metric over the last month.
Launched last April and inspired by Matt Furie’s Pepe the Frog meme from 2005, Pepecoin initially gained little attention. However, the recent surge in interest in meme coins within the crypto community has turned the tide, making these coins a hot trend despite their notorious volatility and risk of rug-pulls.
Despite the U.S. stock market being closed for Memorial Day, crypto traders pushed PEPE/USDT to an all-time high of $0.00001698 on Gate.io. However, the coin experienced a 4.8% decline the following day.
Outside of the recent dip, the majority of Pepecoin holders are still in profit. IntoTheBlock reports that 97% of Pepecoin holders are currently in the green, with 2.73% breaking even.
As the crypto industry continues to gain legitimacy through Wall Street’s approval of investment products that broaden access to digital assets, some executives caution that meme coins may be causing market disruptions. Nevertheless, the demand for meme coins among crypto traders remains robust.
Pepecoin’s market capitalization ranks 22nd among all cryptocurrencies, valued at $6.75 billion. In trading volume, it ranked 7th over the past day, with $1.7 billion traded, following only Bitcoin, Ethereum, Solana, and several stablecoins.
PEPE 101
Pepecoin (PEPE) is a cryptocurrency inspired by the widely recognized Pepe the Frog meme, created by artist Matt Furie in 2005. Launched in April 2021, Pepecoin leverages the cultural phenomenon of internet memes to create a unique and engaging digital asset. Unlike traditional cryptocurrencies that often focus on solving complex financial problems or providing innovative blockchain solutions, Pepecoin’s primary appeal lies in its meme-based heritage and community-driven ethos.
The mission of Pepecoin is to merge the worlds of digital art and decentralized finance, providing a platform where humor, culture, and technology intersect. By capitalizing on the viral nature of memes, Pepecoin aims to create a vibrant and participatory ecosystem that encourages user engagement and fosters a strong sense of community. The developers behind Pepecoin envision it as more than just a meme coin; they see it as a tool for social interaction and community building within the cryptocurrency space.
Pepecoin’s broader mission includes promoting the adoption of decentralized technologies and the broader blockchain ecosystem. By attracting users through its humorous and culturally relevant approach, Pepecoin serves as a gateway for new investors and enthusiasts to enter the world of cryptocurrencies. Additionally, it seeks to challenge traditional financial systems by demonstrating the potential of decentralized, community-driven projects.
Ultimately, Pepecoin strives to be a symbol of the internet’s influence on finance and culture. It embodies the playful spirit of the internet while promoting the serious potential of blockchain technology, aiming to bridge the gap between mainstream audiences and the often complex world of cryptocurrencies.
Price Prediction
Predicting the future price of Pepecoin (PEPE) involves analyzing various factors, including market trends, community engagement, and broader cryptocurrency market conditions. Based on current analyses from several sources, the projections for Pepecoin’s price at the end of 2024 vary significantly.
According to one crypto analyst, Pepecoin could see substantial growth, potentially reaching up to $0.000127396 by the end of 2024 if market conditions are favourable and the community continues to expand and develop new use cases for the token. This optimistic scenario hinges on the community’s ability to leverage the token’s ERC-20 compatibility to integrate with decentralized applications and possibly develop staking protocols or play-to-earn games.
On the other hand, another analysis provides a more conservative estimate, predicting that Pepecoin might trade at an average price of around $0.00000756 by the end of 2024. This forecast considers the current volatility and market sentiment around meme coins, which can lead to significant price fluctuations.
Some emphasize the importance of community-driven initiatives and broader adoption on major exchanges, which could drive demand and push prices higher. If Pepecoin gets listed on more prominent exchanges, it could attract more retail traders and increase its value, with some projections suggesting it might reach $0.0000065 to $0.000054 by the end of 2024.
In summary, while predictions vary, the general consensus is that Pepecoin has the potential for significant price movements depending on community engagement, market conditions, and broader adoption within the cryptocurrency ecosystem.
