As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that the surge in PEPE, the frog-themed meme coin, has been quite intriguing to observe. The significant price movements and the overwhelming profits being reaped by a majority of its holders are reminiscent of the wild west days of crypto trading.
In the midst of broader growth in cryptocurrency prices, the frog-themed meme coin, PEPE, has also experienced substantial price fluctuations. According to IntoTheBlock’s data, about 72% of PEPE holders have accumulated profits or find themselves in a profitable position, a situation commonly referred to as being “in the money.
Surging price boosts profits for PEPE holders
Significantly, the profit was realized following a substantial increase in PEPE’s value. The asset witnessed a significant drop in its numerical representation, reaching an all-time high of $0.000104 before settling at its current market price. Analysts attribute this surge to a mix of positive sentiment within the community and optimism surrounding the broader cryptocurrency market.
According to IntoTheBlock’s analysis, approximately 224,330 wallets have been generating profits, or “in the green,” due to PEPE’s performance. These individuals have been benefiting significantly given the recent downward trend that PEPE has experienced. On the other hand, about 20.11% of all wallet holders, which is roughly 62,700 addresses, have seen losses overall.
A previous article on U.Today forecasted that if the PEPE community managed to maintain investor enthusiasm, the token could drop a zero in its value. At that point, even though the price was decreasing, trading activity remained high as it seemed like traders were taking advantage of the dip to stockpile the cryptocurrency.
Robinhood’s new transfer feature boosts PEPE demand
One possible explanation for why PEPE managed to wipe out one zero may be linked to Robinhood’s recent introduction of the Pepe transfer function. This new feature might have played a role in facilitating transactions, thereby contributing to PEPE’s price surge and the subsequent reduction in its value by a factor of ten.
Significantly, the European division of the leading American brokerage company introduced real-time transfer functionalities on their system. Now, European customers can execute transactions such as withdrawals and deposits instantly on Robinhood. This new feature is accompanied by a special promotion where users receive a 1% deposit bonus.
Currently, the positive outlook (bullish sentiment) has boosted PEPE’s price by about 9.52%, causing it to trade at approximately $0.0000104 over the past 24 hours. Nevertheless, there has been a substantial drop in trading volume by around 3.62%, with the total volume now standing at roughly $1.32 billion.
Experts believe it’s important for the community to keep an eye on the decreasing trading volume, since it might lead to a temporary drop in prices.
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2024-11-07 19:59