Pepper PEPPER/USD is doing great, gaining 31% in 24 hours on Friday, lifted by peak levels of enthusiasm on social media.
What happened: Pepe is up a staggering 220% weekly, according to CoinMarketCap, and is currently trading at levels not seen since May 2023.
Social intelligence company LunarCrush indicated that the number of social creators posting on the meme coin is hitting an all-time high on Friday with 7,244 daily creators, up from September’s low of 816 creators. Total creators stand at 405,186.
Guardaonchain data highlighted an Ethereum address that deposited all of its 1.97 trillion Pepe tokens, worth $6.07 million, onto cryptocurrency exchange Binance, making a profit of $3.5 million.
The whale used the profits to buy 75.9 billion Shiba Inu valued at $893,000.
Additionally, partial profits ($4 million) were awarded to some Web3 gaming ecosystem tokens such as Decentralized MANA/USD, The sandbox SAND/USD AND Gala Games GALA/USD.
Read next: Bonk and Pepe print double-digit weekly gains: Why Dogecoin and Shiba Inu should be worried
Because matter: Pepe is now the fourth largest meme coin by market cap, second only Dogemoneta, Shiba Inu AND Good. Currently ranked fourth in the meme coin ranking.
Its 24-hour spot trading volume ($674.2 million) puts it ahead of its rivals Dogwifat WIF/USDwith $159.4 million, and Floki Inu FLOKI/USDwith $109.2 million.
Very popular trader Capital Blunz Pepe analyzed, indicating that it has completed an ABC correction and is now ready for an upward move shortly.
Although traders are focusing on Pepe expecting significant profit levels in the short term, it is important to have a cautious approach towards investing in meme coins.
Read also: Pepe surpasses Dogecoin and Shiba Inu with 23% daily gain: “I’m charging up,” says trader
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