The reasons why Pepe has increased by 90 % in the last 24 hours

The reasons why Pepe has increased by 90 % in the last 24 hours

Pepe Coin (Pepe), a Memecoin that was introduced in mid-April, quickly developed into one of the sensations in the cryptocurrency industry. Its price has risen by astonishing 638 % last week, while profits achieved 90 % in the past 24 hours alone. The market capitalization of the assets has also increased to almost $ 700 million.

Some possible reasons for the significant increase could be the overall positive market situation according to the recent interest rate increase in the Fed or the fact that whales have exchanged assets for PEPE. Last but not least, the popular rapper Soulja Boy also interacted on Twitter with the Memecoin.

The market was green

First of all, Pepe's impressive price increase could be partially due to the currently positive constitution of the cryptocurrency market. Bitcoin and most old coins made their way to the north shortly after the Federal Reserve Span Data Preserver-Spaces = "True"> Another rate increase.

While politics caused price exposure in the opposite direction on earlier occasions, it was a little different this time, since many economists assume that this will be the last interest rate increase due to fears before an upcoming recession. Gregory Daco-chief economist at Ey-Partenon- called :

"I don't think the inflation struggle is over, but we are in a situation in which we experience a gradual disinflation, and we are also in an environment in which the interest rates are high and increased. should. "

Nevertheless, the winnings of Pepe have been much more important in the last 24 hours than those of BTC, ETH, BNB and other digital currencies with larger market capitalization, which means that there could be more factors behind the price increase.

Pepusd. Coingecko

The activity of the whales

The rapid price increase of the token, which is now in the trend, seems to have noticed some crypto whales. According to the Blockchain analysis platform Lookonchain, such an owner Assets for Pepe.

We noticed that a whale almost all assets against exchanged $ Pepe .

The Wal exchanged 20.62 $ WBTC ($ 590,000), 17 billion $ cult ($ 90,000), 44.194 $ uni ($ 235,000) and 19.96 $ ETH ($ 37,000) for 1.72 t $ Pepe (currently USD $ 2.19 million).

The purchase price of $ Pepe is ~ 0.0000005533 $ and made a profit of ~ $ 1.23 million. pic.twitter.com/o6boqmd1ew

- Lookonchain (@lookonchain) 4. May 2023

Other whales used the increase to make considerable profits at the beginning of the week. Spot to chain disclosed that a certain holder has exchanged 3,4 billion pepe for 925 ETH (corresponds to $ 1.8 million at the time of transaction), whereby the return on inventment (ROI) in two weeks that is 1.650 times.

Interaction of prominent

Pepe's popularity reached such heights that even celebrities joined his ecosystem. One example is the well -known American rapper Deandre Cortez Way (better known as Soulja Boy).

The author of the single "Crank that" reveals

The musician is not a newcomer to the crypto world. He released a song in 2018 that was dedicated to Bitcoin, while in 2021 called He has BNB, TRX, DGB and other tokens. Even Soulja Boy viewed Creating your own token.

The general mania and fomo

The hype generated around Pepe could be another factor that attracts new investors and drives the price up. It is a known fact that people tend to follow growing trends and are inclined to get into a project that has achieved mass attention.

This term has a name: Fear of Missing Out (Fomo), and it often occurs in the crypto sector. It has been associated with other memoins such as Dogecoin (Doge) and Shiba Inu (Shib) in recent years, which, like Pepe, at some point recorded colossal price peaks.

Even if Memecoin may sound like a asset that could make people rich overnight, it is worth noting that there are certain challenges for inexperienced investors, such as. B. Security risks and increased market volatility. Further information on the special features of PEPE can be found under Cryptopotato Detailed instructions here Span Data Preserver-Spaces = "True">.

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