Pepe, the meme coin with a frog theme, has garnered significant attention from retail investors, surpassing dogwifhat to become the third most valuable meme coin by market capitalization. Its daily trading volume has reached an impressive $3 billion, even surpassing Dogecoin.
The Ethereum ecosystem is at a critical point, as the final decision on the VanEck spot Ether ETF in the United States is imminent. This decision has the potential to disrupt the current market dynamics.
In the midst of the altcoin frenzy fueled by speculation surrounding the potential approval of a spot Ethereum ETF in the US, Pepe, the frog-themed meme coin, has caught the interest of retail investors. It has surpassed dogwifhat to become the third-largest meme coin by market capitalization.
Pepe’s daily trading volume has soared to an astonishing $3 billion, surpassing the well-established Dogecoin, which currently stands at around $2.58 billion.
The rise of Pepe can be attributed to its high liquidity, with over $60 million in WETH (Wrapped Ethereum) available. This abundant liquidity allows both large and small traders to easily exchange Pepe without facing any liquidity issues.
The meme coin sector is experiencing a resurgence, with a total value of approximately $62 billion and a daily average trading volume of about $10 billion.
The Ethereum ecosystem is at a crucial point, as the final decision on the VanEck spot Ether ETF in the United States is about to be announced. This decision has the potential to significantly disrupt the current market dynamics.
The recent shift in cash from Bitcoin to Ethereum, evidenced by the reversal in the ETH/BTC pair and the decline in BTC dominance, has greatly benefited altcoins based on Ether.
In recent days, early investors in Pepe have been actively selling off their holdings, as observed by on-chain analysts at Lookonchain. One notable transaction involved a single trader depositing over 201 billion Pepe tokens, valued at approximately $2.83 million, into the Bybit exchange within a 24-hour period.
Another early investor, who turned an initial investment of $462 into a staggering $3.4 million profit, made headlines by depositing over 182 billion Pepe tokens into Binance during the same timeframe.
