Pepe (CRYPTO: PEPE) has soared to a $7 billion market capitalization, adding $4 billion in May alone.
Pepe has become the third meme coin, following Dogecoin (CRYPTO: DOGE) and Shiba Inu (SHIB/USD), to reach this significant milestone.
The frog-themed token outperformed its rivals and outshone the broader cryptocurrency market, touting a 135% increase over the month.
Surge in Trading Volumes
The frenzied interest in PEPE is evident from its trading volumes, which approached $2.5 billion in the last 24 hours, making it the most-traded meme coin during this period. The rally has attracted wealthy investors, including a whale who withdrew 1.32 trillion PEPE tokens from Binance in the past five days.
According to Spot On Chain, this withdrawal was estimated to cost $18.2 million.
With the recent price surge, this whale’s holdings are now worth $22.1 million, reflecting a 21% gain. In a post on X, the company noted the substantial movement of PEPE by large investors, highlighting the heightened market activity.
Bull Market Hopes
The coin’s exceptional performance coincides with an optimistic industry sentiment fueled by the approval of spot Ethereum ETFs. This period mirrors the last bull market, where meme coins, driven by internet humor, surged to multi-billion dollar valuations. Meme coin enthusiasts are hopeful for a repeat of this trend.
Recent data from IntoTheBlock indicates a 17% rise in PEPE’s daily active addresses earlier this month. Additionally, the supply held by long-term investors has increased by 0.53%, signaling ongoing accumulation.
