Cryptocurrency observer @DogeWhaleAlert shared that despite the stunning recent success of the new memecoin PEPE, Robinhood customers continue to hold their DOGE rather than sell. Unlike the previous generation of crypto memes, PEPE was not inspired by Shiba Inu dogs and the memes based on them, but the Pepe the Frog meme.
The amount of Dogecoin held by Robinhood on behalf of its clients is currently 33,562,118,525 DOGE. It is equivalent to $2,642,446,278 and represents 24.11% of the total circulating supply of Dogecoin.
PEPE is crazy
Pepe is a memecoin released in April by a group of anonymous and utility-less developers.
However, it has recently gained enormous popularity as it has been listed on many cryptocurrency exchanges including Huobi and OKX.
On Friday, the Binance exchange announced the addition of PEPE and FLOKI to the Innovation Zone, an area where new promising tokens are added. SHIB was recently moved from this area to the regular trading platform by Binance.
However, after the listing was announced, Binance unexpectedly suspended the deposit of PEPE and FLOKI due to a technical failure. Operations resumed in a few hours.
PEPE catches SHIB
In the past week, the price of PEPE has risen astonishingly, with an increase of 362% or more.
However, the memecoin fell sharply on May 6, hitting a low of $0.000023 on May 6 — nearly 100% off the previous day’s high of $0.00000046 — before buying the dip.
At the time of writing, PEPE was higher over the past hour, but has remained largely down over the past 24 hours. According to CoinMarketCap, PEPE is the 44th largest cryptocurrency with a current market cap of $1,092,555,333 and is trading at $0.000029.
Source: TradingView
This makes Pepe a more expensive memecoin than Shiba Inu, the second largest dog-based cryptocurrency by market cap after Dogecoin.
SHIB is trading at $0.000095 and ranks 16th on the CoinMarketCap leaderboard.
Whales chasing PEPE, selling SHIB and NFT
Whales and “smart money” wallets try everything to buy the new hot memecoin. Last Friday, a “smart money” whale bought hundreds of SHIBs for only $224,000 in 2021 and made $3.84 million from the transaction, hastily exchanging 6 billion Shiba Inu for 325 billion PEPE.
Earlier today, David Gokhshtein, a crypto influencer known for supporting memecoins such as DOGE, SHIB, FLOKI, and now PEPE, tweeted that many people are dumping their NFTs at low prices to buy PEPE. He pointed out that this presents the opportunity to acquire some high-quality NFT blue chips at a fairly cheap price.
- Whale loses over $500,000 after waving PEPE
- DOGE Price in Uncertainty: Breakout or Crash?
board take
According to USA Today
