- PEPE, the frog themed memecoin has defied all odds and is on a defined uptrend.
- The growth takes its backing from Bitcoin’s growth and Santiment’s shoutout.
In a market where many cryptocurrencies experienced a decline following a massive surge in Bitcoin, PEPE Coin (PEPE) has managed to defy the odds and continue its upward trajectory.
While Bitcoin’s breakthrough above the $30,000 level for the first time since April sparked a market-wide downturn, PEPE’s growth persisted, capturing the attention of investors and industry analysts. As revealed by the on-chain analytics platform Santiment on Twitter, PEPE, recently soared 61% in value. Over the past 24 hours, PEPE has maintained its impressive growth, registering a gain of just under 10%.
In contrast, two of the leading memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen declines in their values. DOGE has experienced a decrease of 2.01% over the same period, while SHIB has declined by 3.43%. However, it is worth noting that both DOGE and SHIB have increased in value over the last seven days, with DOGE printing a 7.79% gain and SHIB soaring by 16.73%.
Additionally, PEPE has recently achieved a significant milestone in terms of its holder count. The project now has 128,600 holders, the majority of whom are on the Ethereum blockchain (121,900), followed by the Binance Smart Chain (5700), and a minor representation on the Arbitrum chain (1,000).
Bitcoin’s Impact and Institutional Involvement in PEPE
The recent surge in the crypto and memecoin market can be attributed to various factors, including the recent rise in Bitcoin’s value and increased institutional involvement in the crypto space. According to the Santiment team, the involvement of whales may have likely played a significant role in fueling PEPE Coin’s impressive ascent.
Whales, referring to individuals or entities holding substantial amounts of crypto, often have the power to influence market trends through their buying or selling activities. In the case of PEPE Coin, Santiment’s analysis suggests that whales have been actively engaging and accumulating the digital asset, thereby driving its upward movement.
Specifically, the involvement of major Wall Street firms, such as Fidelity, launching their own crypto exchanges, has further legitimized and normalized the presence of cryptocurrencies in traditional financial systems. The entry of these institutional players into the crypto space provides increased credibility and fosters mainstream adoption.
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
The submission of proposals by large financial firms, such as BlackRock and Invesco, to seek regulatory permission to launch Bitcoin-based spot exchange-traded funds (ETFs) has also contributed to the market’s expansion.
While the SEC is known for its broad rejections of these vehicles over time, the potential introduction of Bitcoin ETFs could provide easier access to Bitcoin for traditional investors who may be more comfortable with regulated investment vehicles. This development has sparked optimism and attracted attention from both retail and institutional investors.