Amid the ongoing altcoin craze caused by new speculation regarding the Ethereum Spot ETF approval tomorrow in the US, the frog-themed meme coin Pepe (PEPE) has registered significant retail interest. With a surge of over 25 percent in the past 24 hours, Pepe has worked its way to unseat dogwifhat (WIF) as the third most valuable meme coin by market capitalization.
Pepe’s daily trading volume now reaches a staggering $3 billion, surpassing even the likes of Dogecoin (DOGE), which stands at around $2.58 billion.
Bibi’s rise: understanding the factors
The meme industry is experiencing a renaissance, with its value rising to nearly $62 billion, and featuring an average daily trading volume of around $10 billion.
Pepe’s meteoric rise to reach a new all-time high was largely attributed to the high liquidity of over $60 million in WETH. As a result, whale and retail traders can seamlessly exchange BIBI without facing liquidity issue.
The time to make a decision is now
More importantly, the Ethereum ecosystem has reached a turning point that will be affected by the final decision made tomorrow regarding VanEck’s US-based ETF.
The cash rotation from Bitcoin to Ethereum, as demonstrated by the reversal in the ETH/BTC pair and the dominance of BTC, has greatly favored Ether-based altcoins.
Transaction tracking
Recent days have seen a flurry of activity among early Beebe investors, with significant liquidations detected by on-chain analysts at Lookonchain. It is worth noting that one trader deposited more than 201 billion Pepe tokens, worth about $2.83 million, on the Bybit exchange within a 24-hour period.
Another early investor, who turned an initial investment of $462 into a staggering $3.4 million in profits, created a stir by depositing over 182 billion Pepe tokens on Binance during the same time frame.
Meanwhile, BlockTower Capital purchased 202BPP via Cumberland a week ago, making over half a million dollars.
SEE ALSO: Should we expect any price fluctuations in Cardano (ADA) and Ripple (XRP) this month?
Baby to the moon?! Will you hold on or withdraw your money before it crashes?