What happened?
Pepe (PEPE) has become a top performer among meme coins, with a 54.7% increase in monthly gains, driven by high trader interest. From May 21 to 23, PEPE’s trading volume soared above $2 billion, peaking at $2.8 billion in a single day, signifying robust demand. This surge represents over half of the token’s circulating supply, highlighting its current momentum.
Who does this affect?
This affects traders and investors involved in the cryptocurrency market, especially those interested in meme coins like PEPE. Additionally, other meme coins such as Pudgy Penguins and Popcat have also been impacted by the market recovery, benefiting from strong short squeezes. Moreover, participants in PEPE-related ventures, like the MIND of Pepe AI token, are key players influenced by this rise.
Why does this matter?
The impressive performance of PEPE and other meme coins indicates a positive shift in the market, suggesting a bullish trend that could attract further investments. A potential 90% price increase for PEPE is anticipated if certain market patterns confirm, which would impact crypto traders betting on meme coins. This surge also reflects broader investor sentiment, signaling increased interest and involvement in volatile yet potentially profitable market assets.