The meme coin Pepe (PEPE) has seen its market value exceed that of all significant non-fungible token (NFT) collections combined.
As of the most recent data, PEPE’s market capitalization has surpassed $6.2 billion, which is 10% higher than the total market cap of all profile picture (PFP) NFT collections.
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.
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.
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.
Dominance over NFTs and market sentiment
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.
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 DragonFly’s Hildobby.
Additionally, PEPE’s increased trading activity contrasts with the diminishing engagement in the NFT market, as shown by the Dune dashboard.
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.
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.
Market fluctuations and investor outlook
Santiment data indicates that PEPE’s exchange inflows and outflows have declined over the past three days, suggesting a potential bearish momentum.
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.
Despite these fluctuations, more than 96% of PEPE holders are currently profiting, according to the data from IntotheBlock.
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.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
This news is republished from another source.
