PepeFollowing a two-day surge, Pepe (PEPE) reached a two-month high. Market investors have profited from the asset’s recent increase. Microcaps that claim to be the long-awaited return of popular meme currencies are the current fad in some sectors of the crypto industry.
Pepecoin 2.0 success
Trading volumes for tokens like Pepe 2.0, Floki 2.0, and Bobo 2.0 skyrocketed to millions of dollars, attracted hundreds of thousands of dollars in liquidity, and turned a few dollars into six-figure fortunes almost overnight. These tokens were mostly issued in the past week and are passing themselves off as new versions of the popular Pepe, Floki, and Bobo tokens.
The average lifespan of one of them is only a few weeks. Many people put their money on English-language publications and the grimacecoin, which was sparked by a tweet about McDonald’s food.
Tokens can be issued on Ethereum (and other blockchains) for a few pennies with the help of a smart contract, and decentralized exchanges make it possible for these tokens to be issued, backed by liquidity, and traded almost immediately.
Nearly $7 million was traded in Pepe 2.0 in the preceding 24 hours, making it the clone with the highest 24-hour volume as of Tuesday. Its market valuation was $18 million, down from $45 million a week before.
Within twenty-four hours, a single wallet turned $900 into nearly $176,000 after buying Pepe 2.0. Wallet analysis reveals that when ETH climbed, profits were taken by selling in 2 ETH increments.
on-chain analysis instrument, according to Bubblemaps, a small group of early investors appears to have amassed considerable control over the Pepe 2.0 token supply shortly after its release and is now slowly unloading their holdings. Because of this concentration, the massive price pump occurred amidst high buying demand and comparatively little sales from early buyers.
Recent rally propels PEPE to a 2-month high
Late in May and early in June, when interest in meme coins began to wane, PEPE saw a disappointing intraday loss of 17.5%, and on June 10, it fell below the psychological support level of $0.000001. This dip in the meme coin’s price was a result of the bigger market-wide decline that saw BTC go under $25,000.
Following the decline, the meme coin remained below $0.000001 until June 17, when it shot up to $0.00000105. The lack of market support, however, allowed the bears to abruptly end the asset’s advance.
On June 20, when market support finally materialized, the meme coin’s surge accelerated. The asset increased by more than 13%, closing at or above $0.000001. The next day, a second 28% surge allowed PEPE to recapture a high of $0.00000147.
Prior to meeting fierce pushback and experiencing a minor dip, the meme coin soared to a high of $0.00000179 on June 23. But the most recent BTC rise sparked another PEPE run, which on July 3 led to the recapturing of the two-month high of $0.0000019.
Investors in PEPE make profit-taking transactions
Investors remain bullish on real Pepecoin , with huge purchases extending the crypto to over 80% increase over the past two weeks.
Lookonchain data shows that on Monday, two wallets bought millions of the tokens on the expectation that the frog-themed tokens will eventually overtake Dogecoin (DOGE) and Shiba Inu (SHIB) as the most popular meme coins.
According to on-chain information, this investor recently withdrew $1.64 million or 945 billion PEPE from Binance. Since then, this person has started to sell his PEPE tokens for ETH in a string of transactions.
A total of 67.6 billion PEPE were sold in the initial transaction at a price of 60 ETH ($117,259). A total of 15 ETH have been spent on each subsequent sale. For 180 ETH worth $351K+, the investor has already sold approximately 203 billion PEPE.
As a result of opposition, the meme coins’s most recent surge has seen continuous losses. the coin fell to a low of $0.00000171 during a negative start to the morning. The meme coin is still down today by 5.43% despite a slight recovery.
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