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Pepe (CRYPTO: PEPE) is riding high, gaining 31% in 24 hours on Friday, elevated by peak levels of social media excitement.
What Happened: Pepe is up a staggering 220% on the week, per CoinMarketCap, currently trading at levels not seen since May 2023.
Social intelligence company LunarCrush indicated that the number of social creators posting about the meme coin is hitting an all-time high on Friday at 7,244 daily creators, up from its September low of 816 creators. Total creators stand at 405,186.
Lookonchain data highlighted an Ethereum address that deposited all its 1.97 trillion Pepe tokens, worth $6.07 million, to cryptocurrency exchange Binance, making a profit of $3.5 million.
The whale used the profits to purchase 75.9 billion Shiba Inu worth $893,000.
Additionally, partial profits ($4 million) were allocated to some Web3 gaming ecosystem tokens like Decentraland (CRYPTO: MANA), The Sandbox (CRYPTO: SAND) and Gala Games (CRYPTO: GALA).
Read Next: Bonk, Pepe Print Double-Digit Weekly Gains: Why Dogecoin And Shiba Inu Should Be Concerned
Why It Matters: Pepe is now the fourth-biggest meme coin by market capitalization, trailing only Dogecoin, Shiba Inu and Bonk. Currently, ranked fourth in the meme coin table.
Its 24-hour spot trading volume ($674.2 million) puts it ahead of its rivals Dogwifhat (CRYPTO: WIF), with $159.4 million, and Floki Inu (CRYPTO: FLOKI), with $109.2 million.
Heavily-followed trader Bluntz Capital analyzed Pepe, indicating that it has completed an ABC correction and is now poised for an upward movement soon.
$pepe next to launch imo, nice -27% 3 wave abc down, plus it and wif moved in lockstep mostly for the last week, would be surprised if it didnt catch up very soon. pic.twitter.com/sfOVXigBj8
— Bluntz (@Bluntz_Capital) March 1, 2024
While traders have been loading on Pepe in expectation of significant profit levels in the short term, it is important to have a cautious approach towards meme coin investing.
Also Read: Pepe Leaps Past Dogecoin, Shiba Inu For 23% Daily Gain: 'I've Been Loading Up,' Trader Says
Photo: Shutterstock
