Pepe’s Social Dominance Surpasses Bitcoin and Ethereum
Recent on-chain and social data indicate a significant rise in Pepe’s social dominance, surpassing Bitcoin and Ethereum. According to market intelligence platform Santiment, whale transactions for Pepe have been steadily increasing over the past week. The number of trades worth at least $100,000 rose from 42 on August 4 to 102 on August 10. Additionally, investors have been moving their Pepe tokens to non-custodial wallets, with daily withdrawals from exchanges reaching 8.85 trillion coins, marking a 502% increase from August 4.
Pepe’s Social Volume Spikes and Twitter Engagement
Pepe’s social volume has also experienced a significant surge of around 160% in the past week. Santiment data reveals that the social importance of Pepe had seen a decline of 63.2% between July 19 and August 1. Furthermore, according to ICO Analytics, Pepe became the most discussed cryptocurrency on Twitter in July, surpassing Bitcoin and Ethereum.
Current Price and Trading Volume
Currently, Pepe is trading at $0.00000123, experiencing a minor decline of 1.09% in the past 24 hours. The 24-hour trading volume for Pepe has also decreased by 17% and is currently valued at $141 million. However, the market capitalization remains at a substantial $482 million.
Meme Coins Dominate Crypto Investment
According to a report from July, meme coins accounted for 40% of cryptocurrency investment in the United States among investors aged between 18 and 40. This indicates the growing popularity and influence of meme coins like Pepe in the crypto market.
Hot Take
Pepe’s rising social dominance and increased investor activity demonstrate its growing popularity and potential as a meme coin. The surge in social volume and engagement on Twitter further solidifies its position in the crypto community. While the current price and trading volume may be fluctuating, meme coins like Pepe continue to capture the attention of crypto enthusiasts and shape the future of the market.
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