- The freshman memecoin PEPE enjoys an extended monthly bull run.
- PEPE developers set aflame to 6 million worth of $PEPE in October.
- Google searches for ‘Pepecoin’ shot up by 233% in the last 7 days.
The popular frog-embossed memecoin Pepe (PEPE) is back on track again. In late October 2023, the deployers of Pepe Token have pleasantly shocked the crypto community by burning a colossal 6.9T PEPE tokens from a multi-sig wallet, assigned to the developer team.
That time, $PEPE scorched past fellow popular memecoins Dogecoin (DOGE) & Shiba Inu (SHIB), as the 32.6% daily gains helped $PEPE become the gainer of the day, pushing it back above the confluent resistance of $0.000001 on October 24, 2023.
PEPE Jumps Above Expectations With Social Catalyst
In comparison to the previous bull run in late October, PEPE coin’s current gains are equipped with social mentions. According to Google Analytics, ‘Pepecoin’ searches accelerated by 233% in the last 7 days with the social sentiment changing from neutral to positive. Furthermore, $PEPE was the most talked about memecoin in the first week of November, according to LunarCrush.
Certainly $PEPE’s extended monthly streak came as a surprise to many crypto enthusiasts, who expected to see $PEPE getting caught up in a phased market correction after October’s run. However, $PEPE withstood the market correction without falling below $0.000001 support levels and gained an additional 20.3% since then.
At press time, the frog-themed memecurrency Pepe (PEPE) trades at $0.00000130 with 1.2% gains the last 24 hours, according to independent cryptocurrency price aggregator CoinGecko. Additionally, $PEPE has seen a 40% increase in trading volume over the same period, while Ethereum whales are back on the move.
To illustrate, one crypto whale acquired 1.65T $PEPE to bag a $159,000 profit. Meanwhile, a well-known crypto whale Dogecoin millionaire Glauber Contessoto declared $PEPE to be among the TOP 10 crypto currencies he’s most keen to invest in. While $PEPE is notorious for its ups and downs, a change in social sentiment could bring about the stability that the PEPE community has been striving for.
On The Flipside
- Previously, a whopping $16M withdrawal by the developer team had sent the caecilian coin on a downward spiral.
- After the controversial $16M cashout in August 2023, the community’s trust in $PEPE had fallen to the lowest point.
Why This Matters
Pepe Token is one of the most watched and talked about altcoins so far in 2023.
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Source link: https://dailycoin.com/pepes-109-monthly-run-driven-by-growing-social-dominance/
