The meme coin known as Pepe (PEPE) has become a major player in the retail market, surpassing dogwifhat (WIF) to become the third most valuable meme coin based on market cap. Pepe’s daily trading volume has even exceeded that of Dogecoin (DOGE), reaching an impressive $3 billion. This surge in popularity comes at a crucial time for the Ethereum ecosystem, as the final decision on VanEck’s spot Ether ETF in the United States looms on the horizon.
With the anticipation surrounding the potential approval of a spot Ethereum ETF, the altcoin market is experiencing a frenzy, and Pepe has managed to capture the attention of retail investors. It has surpassed dogwifhat to become the third-largest meme coin by market capitalization. Pepe’s daily trading volume has skyrocketed to an astonishing $3 billion, outperforming the well-established Dogecoin, which currently stands at around $2.58 billion.
The rise of Pepe can be attributed to several factors. The meme coin sector as a whole has seen a resurgence, with a total value of approximately $62 billion and a daily average traded volume of about $10 billion. Pepe’s remarkable ascent can be largely attributed to the high liquidity of more than $60 million in WETH. This ample liquidity allows both large-scale traders and individual retail investors to easily trade Pepe without facing any liquidity issues.
The Ethereum ecosystem is at a critical juncture, with the final decision on VanEck’s spot Ether ETF in the United States expected to be announced soon. This decision has the potential to disrupt the current market dynamics significantly. The recent shift of cash from Bitcoin to Ethereum, as evidenced by the reversal in the ETH/BTC pair and the decline in BTC dominance, has greatly benefited altcoins based on Ether.
In recent days, early investors in Pepe have been actively selling off their holdings, as detected by on-chain analysts at Lookonchain. Notable transactions include a single trader depositing over 201 billion Pepe tokens, valued at approximately $2.83 million, into the Bybit exchange within a 24-hour period. Another early investor made headlines by depositing over 182 billion Pepe tokens into Binance, turning an initial investment of $462 into a staggering $3.4 million profit.
Overall, Pepe’s rise to prominence in the meme coin market is a testament to its growing popularity among retail investors. With the decision on VanEck’s spot Ether ETF looming, the future of the Ethereum ecosystem and its associated altcoins hangs in the balance.