- The number of daily active addresses holding Pepecoin (PEPE) has more than doubled in the past month, increasing by 230% to 9,830 addresses.
- This surge in Pepecoin activity coincided with the meme coin’s price hitting new all-time highs after the SEC approved spot Ethereum ETFs.
- Pepecoin’s trading volume ranked 7th among all cryptocurrencies over the past day, notching $1.7 billion in volume despite its relatively small $6.75 billion market cap.
The Ethereum-based meme coin Pepecoin (PEPE) has seen a meteoric rise recently, setting several new all-time high prices. This comes as meme coins in general are seeing renewed interest.
Pepecoin’s Usage Explodes
Daily active addresses holding PEPE have increased 230% to 9,830, according to data from IntoTheBlock. That growth far outpaced other meme coins like Floki, which saw daily active addresses increase 179% in the same period.
Meanwhile, the daily number of active addresses for Dogecoin increased just 10% to 53,000. Tracking active addresses shows a network’s adoption trends and usage patterns. Of major cryptocurrencies tracked, Pepecoin saw the largest increase in active addresses over the past month.
New All-Time Highs
On Monday, traders pushed Pepe to an all-time high of $0.00001698, extending the meme coin’s yearly gains toward 1000%. The surge comes despite bitcoin and ethereum cooling off recently.
Tuesday saw a dip of 48%, but most Pepecoin holders are still well in the green. According to IntoTheBlock, 97% of holders have gains on paper, while 27.3% are at break-even.
Meme Coin Interest Still Strong
Some Wall Street executives have warned that meme coins could damage crypto’s growing legitimacy. However, trader appetite for meme coins still appears strong.
While Pepecoin’s market cap ranks 22nd at $6.75 billion, it was the 7th most traded coin over the past day. Notching $17 billion in volume, Pepecoin outpaced all but the top coins like Bitcoin and Ethereum.
Conclusion
Despite volatility and risks, interest in meme coins continues to dominate crypto trends. Pepecoin’s explosion in usage and new all-time high prices shows the power of memes and internet culture in the crypto world. As Wall Street and mainstream finance accept cryptocurrencies, traders still have a strong appetite for meme coins.
