- Pepe (PEPE), a frog-inspired memecoin, has reached new heights following the approval of spot Ethereum ETFs.
- The number of blockchain addresses trading Pepe surged last month, with the memecoin seeing over a 100% increase in the past 30 days.
- According to IntoTheBlock, daily active addresses holding PEPE rose by 230% to 9,830, outpacing other memecoins like FLOKI and Dogecoin.
Discover how Pepe (PEPE) is breaking records and what it means for the memecoin market.
Memecoin Craze: Active Addresses on the Rise
Tracking the number of daily active addresses, while not always a clear metric, can indicate adoption trends or usage patterns of a network. Among the cryptocurrencies monitored by IntoTheBlock, PEPE has garnered significant attention.
PEPE is based on the Pepe the Frog meme, created by Matt Furie in 2005, and launched with modest excitement last April. However, interest in meme coins within the crypto community has recently peaked, becoming a dominant trend despite their notorious volatility and risks.
Riding the memecoin wave, PEPE soared to an all-time high of $0.00001698. Despite a 4.8% drop in the last 24 hours, most PEPE investors remain profitable. According to IntoTheBlock, 97% of PEPE investors are in profit, while 2.73% are at breakeven.
Conclusion
In summary, the rise of PEPE highlights the growing interest and speculative nature of memecoins. Investors should remain cautious and conduct thorough research, as the market remains highly volatile.
