Amid the ongoing altcoin frenzy triggered by fresh speculation of spot Ethereum ETF approval tomorrow in the United States, frog-themed meme coin Pepe (PEPE) has registered significant retail attention. With a surge of over 25 percent in the past 24 hours, Pepe has ribbeted its way to dethrone dogwifhat (WIF) as the third most valuable meme coin by market capitalization.
Pepe’s daily trading volume now sits at a staggering $3 billion, eclipsing even the likes of Dogecoin (DOGE), which stands at around $2.58 billion.
The meme coin industry is experiencing a renaissance, with its value soaring to approximately $62 billion, boasting a daily average traded volume of about $10 billion.
The significant rise of Pepe to reach a new all-time high is largely attributed to the high liquidity of more than $60 million in WETH. As a result, whale and retail traders can seamlessly exchange Pepe without having trouble with liquidity.
It’s Decision Time Now
Most importantly, the Ethereum ecosystem has reached a tipping point that will be disturbed by tomorrow’s final decision on VanEck’s spot Ether ETF in the United States.
Cash rotation from Bitcoin to Ethereum, as depicted by the reversal in ETH/BTC pair and BTC dominance, has significantly favored Ether-based altcoins.
Recent days have seen a flurry of activity among early Pepe investors, with substantial liquidations detected by on-chain analysts at Lookonchain. Notably, a single trader deposited over 201 billion Pepe tokens, valued at approximately $2.83 million, into the Bybit exchange within a 24-hour period.
Another early investor, who turned an initial investment of $462 into a staggering $3.4 million windfall, made waves by depositing over 182 billion Pepe tokens into Binance during the same timeframe.
Meanwhile, BlockTower capital purchased 202 billion Pepe via Cumberland a week ago, thus making over half a million dollars.
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