Blockchain addresses engaging in transactions with Pepe (PEPE) have witnessed a staggering surge in activity over the recent month.
Blockchain addresses engaging in transactions with Pepe (PEPE) have witnessed a staggering surge in activity over the recent month. This surge comes in the wake of the SEC approval of spot Ethereum ETFs and subsequent price rally, positioning it as a leading Ethereum memecoin.
The number of daily active addresses holding PEPE has soared by an impressive 230%, reaching a total of 9,830. This growth significantly outpaces other memecoins such as Floki (FLOKI), which experienced a 179% increase in daily active addresses during the same period. In comparison, Dogecoin saw a more modest 10% rise, with its daily active addresses reaching 53,000.
Both Pepe and Floki are memecoins on the Ethereum network, known for their speculative nature driven primarily by community sentiment. However, the recent approval of spot Ethereum ETFs has propelled PEPE and FLOKI prices upwards by over 27% in the past week alone.
Although PEPE witnessed a slight dip of 1.2% on Tuesday, the token is up a staggering 123% in the past month, reaching a market capitalization of $6.8 billion. This places it above tokens like Uniswap and Litecoin. PEPE is the 7th most traded coin, with a trading volume of $2.2 billion, underscoring its significant presence and popularity in the crypto market.
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