Kofi Mensah As the cryptocurrency economy reaches a substantial $1.2 trillion valuation, the meme coin markets have seen considerable growth this week. The leading five meme tokens have marked significant gains over both a 24-hour and seven-day period. Recent statistics show pepe at the forefront of this growth, recording a 34% upswing in the last 24 hours and a substantial 66% surge over the previous week.
As Pepe Skyrockets, Whales Seize Opportunity to Amass More During Price Dip
The meme coin economy experienced a significant uptick in value on June 22, 2023, recording a 6.9% growth within 24 hours, and pushing the current market value to an impressive $15.5 billion by 8:03 a.m. Eastern Time on June 22. Dogecoin (DOGE) led the market in terms of market capitalization, recording a 3% rise today and an 8.3% increase over the past week. Following closely was shiba inu (SHIB) with a 7.5% increase within 24 hours and a 19.3% growth over the week. DOGE and SHIB jointly make up $13.8 billion of the total $15.5 billion market valuation, representing a hefty 89% of the meme economy’s worth.
PEPE/USD market on June 22, 2023.
Among the top five meme tokens, pepe (PEPE) emerged as the leading meme coin gainer last week, recording an impressive 66% surge against the U.S. dollar. PEPE saw a substantial 34.4% growth in value in just a single day. As of June 22, its market valuation sits at around $609 million. PEPE also ranks ninth in global trading volume among the top ten coins, with trades amounting to $682 million in the past 24 hours.
While PEPE showcased significant weekly growth, the milady meme coin (LADYS) also rocketed by 66%. However, LADYS saw a drop of 6.7% in the past day. Other notable gainers in the meme coin sphere this week include floki (FLOKI), baby doge coin (BABYDOGE), dogelon mars (ELON), dejitaru tsuka (TSUKA), and volt inu (VOLT). Conversely, jesus coin (JESUS) recorded a 26% drop, and cake monster (MONSTA) declined by 24% over the past week.
Despite pepe (PEPE) experiencing a notable drop in value from its early May peak, the number of PEPE holders has grown to 121,821 compared to the 107,617 recorded on May 11. During this period, the top ten wallets held 33.93% of the total PEPE supply, but that number has now grown to 39.92%. Similarly, the top 100 PEPE holders have increased their stake from 56.15% of the PEPE supply to the current 64.49%. This data suggests that as PEPE prices fell at the end of May and in the early weeks of June, whales in the meme coin market amassed a significant portion of PEPE.
What are your views on PEPE’s rise and the role of meme coin whales in hoarding PEPE during the price drop? We invite you to share your thoughts and opinions on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Pepe Meme Coin Surge
What was the value of the crypto economy at the time of the article?
The crypto economy had reached a value of $1.2 trillion.
Which meme coin experienced the most substantial gains during the week of the article?
Pepe (PEPE) emerged as the leader in meme coin gains during the week, recording a surge of 66% against the U.S. dollar.
How has the number of PEPE holders changed since early May?
The number of PEPE holders has grown from 107,617 recorded on May 11 to 121,821, indicating an increase in interest and investment in PEPE.
Did any meme coins experience a decrease during the week of the article?
Yes, Jesus coin (JESUS) experienced a 26% decrease, and Cake Monster (MONSTA) declined by 24% over the week.
What is the role of whales in the recent PEPE price movements?
Whales, or large-scale investors, capitalized on the PEPE price dip at the end of May and in the early weeks of June to accumulate a significant amount of PEPE.
More about Pepe Meme Coin Surge
- Introduction to Cryptocurrency
- What is a Meme Coin?
- Understanding Crypto Whales
- Pepe Coin Official Website
- Market Overview of Meme Coins
- How to Trade Cryptocurrency
- Dogecoin – A Meme Cryptocurrency
- Shiba Inu – Another Popular Meme Coin
- Current Cryptocurrency Market Status
4 comments
Woah, didn’t expect to see PEPE taking the lead, thats crypto for you, never a dull day!
Not sure about these meme coins though…seems like a lot of volatility. But hey, to each their own, right?
Just shows the power of meme coins in today’s market, unreal! Can’t wait to see where we are by year’s end.
hey this is interesting!! need to check my pepe holdings, seems i might be sitting on some gold mine lol