Source

Pepe

NEXT GEN PEPE

<div class="finbold">
 <p class="paragraph">The meme coin Pepe (PEPE) has seen its <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> value exceed that of all significant non-fungible token (NFT) <a rel="noopener noreferrer nofollow" title="collections" href="https://thebittimes.com/tag/collections.html">collections</a> <a rel="noopener noreferrer nofollow" title="combined" href="https://thebittimes.com/tag/combined.html">combined</a>.</p>
 <p class="paragraph">As of the most recent data, PEPE’s <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization has surpassed $6.2 billion, which is 10% higher than the total <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> cap of all profile picture (PFP) NFT <a rel="noopener noreferrer nofollow" title="collections" href="https://thebittimes.com/tag/collections.html">collections</a>.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="1023" height="600" src="https://cdn.thebittimes.com/images/2024/05/31/f1a62421dd3f0d9fa5fa72808d98cf0c.webp" alt="" class="wp-image-179903" srcset="https://cdn.thebittimes.com/images/2024/05/31/f1a62421dd3f0d9fa5fa72808d98cf0c.webp 1023w, https://cdn.thebittimes.com/images/2024/05/31/f1a62421dd3f0d9fa5fa72808d98cf0c.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/f1a62421dd3f0d9fa5fa72808d98cf0c.webp 768w" sizes="(max-width: 1023px) 100vw, 1023px">
  <figcaption class="wp-element-caption"><em>NFTs and Pepe. Source : Stats/X</em> <br>
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 </figure>
 <p class="paragraph">This occurred amidst a considerable surge in PEPE’s trading volume, reaching $2.47 billion in the past 24 hours—a 216% increase from the start of May.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">PEPE’s trajectory since its launch in May 2023 has been extraordinary, with its price soaring by 25,955%. This year alone, the coin has surged by 1,042% despite experiencing several periods of significant volatility that traders have capitalized on.&nbsp;</p>
 <p class="paragraph">On May 27, PEPE reached an all-time high of $0.00001718 but has since seen a 12% decrease. Currently, PEPE is trading at $0.00001503.</p>
 <h2 class="wp-block-heading" id="h-dominance-over-nfts-and-market-sentiment">Dominance over NFTs and market sentiment</h2>
 <p class="paragraph">PEPE’s dominance extends beyond the meme coin sector. It surpasses major NFT collections in daily trading volume, with $1.3 billion traded in the last 24 hours compared to just $12.8 million moved by blue-chip NFTs.</p>
 <p class="paragraph">Despite recent high trading volumes for Bitcoin (BTC) and Solana (SOL) NFTs and the NFT lending market exceeding $2 billion in its first quarter, the overall NFT token market remains in a downturn. NFT trader counts have fallen 85% over the past two years, as highlighted by data from <em>DragonFly’</em>s <em>Hildobby.</em></p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">ethereum nft trader count down 85% in 2 years<br><br>src: https://t.co/fyP7Ntcybz pic.twitter.com/x0vNdyLDS9</p>— hildobby (@hildobby_) May 28, 2024
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 </figure>
 <p class="paragraph">Additionally, PEPE’s increased trading activity contrasts with the diminishing engagement in the NFT market, as shown by the <em>Dune</em> dashboard.&nbsp;</p>
 <p class="paragraph">OpenSea, once the premier NFT marketplace, has seen its weekly traders decline more than 90%, from 187,000 in June 2022 to just under 10,000 today.&nbsp;</p>
 <p class="paragraph">Similar declines have occurred on other NFT platforms, such as Blur, Magic Eden, and LooksRare, with the total number of weekly traders across all platforms plummeting from 201,000 in June 2022 to 24,300 today.</p>
 <h2 class="wp-block-heading" id="market-fluctuations-and-investor-outlook">Market fluctuations and investor outlook</h2>
 <p class="paragraph"><em>Santiment</em> data indicates that PEPE’s exchange inflows and outflows have declined over the past three days, suggesting a potential bearish momentum.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="347" src="https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp" alt="" class="wp-image-179905" srcset="https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp 1024w, https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp 768w, https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp 1536w, https://cdn.thebittimes.com/images/2024/05/31/520a7f10db6acdc4f9519f170c6677ef.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Pepe price and exchange inflow/outflow. Source : Santiment</em>
  </figcaption>
 </figure>
 <p class="paragraph">However, the coin’s Relative Strength Index (RSI) has decreased from 77 to 67, indicating that although PEPE remains overbought, it is moving toward consolidation. An RSI below 50 could potentially signal a steady price increase.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Thanks to an impressive 90% return this month, over 96% of $PEPE holders are now in profit. This positions $PEPE as the most profitable among <a rel="noopener noreferrer nofollow" title="major" href="https://thebittimes.com/tag/major.html">major</a> memecoins! pic.twitter.com/4BJkjDtha2</p>— IntoTheBlock (@intotheblock) May 30, 2024
   </blockquote>
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 </figure>
 <p class="paragraph">Despite these fluctuations, more than 96% of PEPE holders are currently profiting, according to the data from<em> IntotheBlock.</em></p>
 <p class="paragraph">As the meme coin market approaches a $69 billion market cap, with PEPE leading the charge and current trends demonstrating strong market interest, it remains essential for investors to stay informed and consider diverse perspectives before making investment decisions.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/pepe-mania-pepe-s-market-value-tops-all-major-nft-collections-combined-tbt90770.html">https://thebittimes.com/pepe-mania-pepe-s-market-value-tops-all-major-nft-collections-combined-tbt90770.html</a></p>

PEPE Mania: PEPE’s market value tops all major NFT collections combined

Съдържание

TheBitTimes

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