Pepe coins’ exponential rise caught everyone’s attention in 2023. Nonetheless, like most memecoins, PEPE’s prosperous phase came to an end, leading to a period of decline. However, there seems to be a potential shift in the circumstances surrounding the asset now.
The digital asset saw a significant increase of 12.6% within the day, although its value had decreased by 14.8% over the course of the past month. In addition to its price movement, there has been a notable surge in trading activity for the meme coin. Recent data indicated that its trading volume experienced a substantial upswing over the past three days, growing from $53 million on Aug. 7 to $168.8 million on Aug. 9. The rise in trading volume is likely attributed to heightened buying activity.
In the midst of these developments, a large investor opted to acquire a portion of PEPE. An unidentified whale made a bold move by investing 1 million USDC, equivalent to $1,000,300, to acquire a substantial amount of 807 billion PEPE. These coins were valued at about $0.000001239 per coin.
Also Read: Pepe Coin: Whales Buy 1.56 Trillion Tokens, Price Jumps 6%
PEPE’s growing popularity
Alongside, the PEPE network was experiencing a renewed increase in its adoption rate. According to IntoTheBlock, PEPE was attracting a fresh set of investors. The proportion of newly created addresses conducting their initial transaction out of the total active addresses for a specific day surged from 22% on Aug. 5 to 28.65% as of today.
All these indications suggest that the asset might be able to maintain its ongoing upward trend. However, it’s important to acknowledge that PEPE is presently trading at a value 71% lower than its historical peak of $0.00000431.
Also Read: Pepe Coin: Become a Millionaire With a $1000 in July 2023