In recent developments, the Meme coin Pepe (PEPE) has overtaken significant market participants, with its market value surpassing the combined value of all major NFT collections. This milestone marks a notable achievement for PEPE, which has seen substantial growth since its market debut.
PEPE’s Market Surge
PEPE’s market capitalization has reached over $6.2 billion, positioning it as the third-largest meme coin. This figure is 10% higher than the total market value of leading NFT collections. The significant increase in PEPE’s value followed a 216% rise in its 24-hour trading volume, which hit $2.47 billion.
Since its introduction in May 2023, PEPE has experienced extraordinary performance, with a 25,955% increase. Even in 2024, amid market fluctuations, PEPE achieved a 1,042% rise. However, after peaking at $0.00001718 on May 27, PEPE’s price has decreased by 12%, currently trading at $0.00001495.
Which Factors Contribute to PEPE’s Dominance?
PEPE has shown dominance beyond the meme coin sector. While blue-chip NFT projects generated a trading volume of $12.8 million, PEPE’s 24-hour trading volume soared to $1.3 billion. Data from DragonFly’s Hildobby indicates an 85% reduction in NFT traders over the past two years, highlighting the stark contrast in market activity.
Moreover, participation in the NFT market has significantly declined, as evidenced by Dune data. For example, weekly active users on the prominent NFT marketplace OpenSea dropped from 187,000 in June 2022 to under 10,000 today, a decrease of over 90%.
What Does the Data Suggest About PEPE’s Future?
According to Santiment data, cash inflows and outflows for PEPE have diminished over the past three days, indicating a potential slowdown. The Relative Strength Index (RSI) for PEPE fell from 77 to 67, suggesting the end of overbuying. A further drop below 50 could stabilize the price increase. Notably, IntotheBlock data shows that more than 96% of PEPE investors remain profitable despite market fluctuations.
Key Insights for Investors
– PEPE’s market cap surpasses the total value of top NFT collections.
– PEPE’s trading volume significantly outpaces that of leading NFT projects.
– Declining NFT market participation contrasts with PEPE’s growth.
– Investors should watch PEPE’s RSI value to gauge market trends.
– Despite volatility, a significant portion of PEPE investors remains profitable.
As PEPE continues to demonstrate remarkable performance, its impact on both the meme coin and NFT markets is noteworthy. Investors and market participants should remain attentive to ongoing trends and data to make informed decisions.