Pepe Coin Leaps to New Heights Amid Altcoin Frenzy, Surpassing Dogwifhat as Third-Largest Meme Coin

Pepe (PEPE) Surges to Become Third Most Valuable Meme Coin

The frog-themed meme coin Pepe (PEPE) has garnered significant retail attention, dethroning dogwifhat (WIF) as the third most valuable meme coin by market capitalization.

Pepe's daily trading volume has reached a staggering $3 billion, surpassing even Dogecoin (DOGE).

Ethereum Ecosystem at a Tipping Point

The Ethereum ecosystem is at a critical juncture, with the final decision on VanEck's spot Ether ETF in the United States imminent.

Pepe's Rise: Driving Forces

Amidst the current altcoin craze, fueled by speculation surrounding the potential approval of a spot Ethereum ETF, Pepe has captured the attention of retail investors.

Pepe's rise to a new all-time high is attributed to its high liquidity, with over $60 million in WETH (Wrapped Ethereum). This liquidity facilitates seamless trading for both whales and retail traders.

Ethereum Ecosystem Dynamics

The recent cash rotation from Bitcoin to Ethereum has benefited Ether-based altcoins, including Pepe.

Early Pepe Investors Liquidate Holdings

On-chain analysts have detected early Pepe investors actively liquidating their holdings. One notable transaction involved a single trader depositing over 201 billion Pepe tokens into the Bybit exchange.

Another early investor deposited over 182 billion Pepe tokens into Binance, realizing a profit of $3.4 million from an initial investment of $462.