The popular memecoin Pepe (PEPE) is currently the best-performing crypto among the top 100 projects. The frog-themed crypto has rallied by 40.6% in the last 24 hours and by 69% in the weekly charts.
Moreover, the number of holders for the memecoin also continued to grow. According to the data on Etherscan.io, PEPE has a total of 121,461 holders, increasing by 0.478% in 24 hours. The latest rally has also increased the percentage of holders in profit. IntotheBlock data mentioned that the number of holders in profit has increased by 12.53% in the last 24 hours. A total of 44% of holders are now in the money, while 41% are still sitting on losses. About 15% of holders are even.
Pepe’s rally may be attributed to the positive investor sentiment around BlackRock’s Spot Bitcoin (BTC) ETF filing. The current markets are being steered by BTC, and the frog-themed crypto seems to be making the most of it. Additionally, IntotheBlock data highlighted that large transactions have fallen by 8.10%. Therefore, it is possible that the latest rally is fueled by retail money.
Popular crypto exchange Gemini took to Twitter today and said that they were “Feeling pepish about something coming soon.” The firm might be launching something related to the memecoin, however, no details have been disclosed. It’s noteworthy that the exchange become one of the biggest PEPE holders soon after the token was launched.
Is PEPE making a comeback?
Being a memecoin, PEPE relies a lot on the online buzz for relevancy. According to LunarCrush, the meme coin’s social mentions have dropped by 28.9%. However, social engagements have gone up by 9.6%. With that being said, PEPE’s latest rally could be shortlived as the token has very high volatility.
Moreover, without any real use cases or much adoption, there is not much to help the memecoin move forward, apart from the hype. Hence, the frog-themed crypto may see a massive correction very soon. At press time, PEPE was trading at $0.00000149, down by 2.1% in the last hour.