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Froggy Frenzy: PEPE Coin Rockets Upward, Attracting Whales
The frog-themed Memecoin PEPE has been making a splash in the crypto market, emerging as the top gainer in the past 24 hours with a massive 62% leap. This surge comes on top of impressive gains over the past week (414%) and month (700%), reflecting the current Memecoin craze in the broader cryptocurrency market rally.
PEPE’s recent performance has propelled it to become the third-largest Memecoin, surpassing its competitor Bonk (BONK).
Whales Jump In:
The meteoric rise of PEPE has turned heads among “whale” investors, known for holding massive crypto assets. Lookonchain, a popular on-chain data platform, reveals that two whales recently beefed up their portfolios with significant PEPE holdings. This surge in whale interest further highlights the growing potential of the Memecoin ecosystem.
One whale withdrew a staggering 840.86 billion PEPE tokens (worth $6.3 million at the time) from the Binance (BNB) exchange on March 3rd. Additionally, another whale swapped $1.95 million worth of USD Coin (USDC) for 340.86 billion PEPE tokens on the decentralized exchange Uniswap (UNI) sometime prior.
It is important to remember:
Memecoins are generally highly volatile and susceptible to significant price fluctuations.
Past performance does not guarantee future results.
Investing in any cryptocurrency involves inherent risks, and thorough research is crucial before making any investment decisions.
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