The significant rally of the frog-themed meme coin Pepe (PEPE) has put the majority of its holders in profit.
According to a tweet by IntoTheBlock, more than 96% of crypto users holding PEPE are currently at the money.
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 major memecoins! pic.twitter.com/4BJkjDtha2
— IntoTheBlock (@intotheblock) May 30, 2024
Majority of PEPE Holders in Profit
In the past month, PEPE has repeatedly recorded new all-time highs. The meme coin has been on a roll this past week, rallying and recording minimal losses.
Data from CoinMarketCap disclosed that PEPE is up 116% in the past month and 7.7% in the past week. However, the asset’s trajectory in the past 24 hours has been different. It has slumped more than 3% since yesterday and was changing hands at $0.00001455 at the time of writing.
Regardless of the slight drop in Pepe’s value, IntoTheBlock said the cryptocurrency is currently the most profitable among major meme coins, as almost all of its holders are in profit.
Pepe’s Roaring Success
PEPE began the year with a market cap of roughly $500 million. However, that figure had increased to $6.11 billion at the time of writing. Two weeks ago, the token’s market cap stood at $5 billion as it hit an all-time high of $0.00001096. Interestingly, all of the token holders were in profit at some point, but the crypto market’s volatility has caused the number of PEPE investors at the money to fluctuate.
Three days ago, PEPE hit a new all-time high of $0.00001717, and its market cap surged to $7 billion. The asset became the 21-largest cryptocurrency by market cap, while its market cap flipped well-known altcoins like Polygon and Litecoin. In addition, the asset’s then 24-hour trading volume hit $1.8 billion, surpassing its rivals Dogecoin (DOGE) and Shiba Inu (SHIB), which had market caps hovering a bit above $1 billion.
Pepe’s roaring success over the past months has driven it up the meme coin list, making the token the third-largest in the sector, behind DOGE and SHIB. The meme coin is also one of the best-performing assets this month, and analysts have predicted that its current rally is nowhere near its end. Hence, the token’s value could see more growth, and all PEPE holders may be in profit again.