Over the past 24 hours, Ethereum quotes increased by 24 hours and approached the round $2,000 mark. According to many experts, in the near future the asset will overcome this level without any problems. The current capitalization of the coin is estimated at $236 billion.
Representatives of the analytical provider Santiment reported that traders are now actively converting profits from PEPE into Ethereum coins. Given the fact that the memtoken operates on an ERC-20 basis, its sharp increase in value contributed to gas fees in the Ethereum ecosystem reaching a new annual extreme of 87 gwei. Since the launch of PEPE, gas fees on the air network have increased by 50%.
The hype around the token is so strong that the PEPE-WETH liquidity pools have become the most active in terms of the number of transactions. According to network data, traders in total conducted over 413 thousand transactions with PEPE, spending about $10 billion in gas fees.
But according to experts, investors should tread carefully now as Vitalik Buterin and the Ethereum Foundation recently sold more than 15 thousand ETH coins. Against this background, it is possible that in the near future the main altcoin will face a corrective movement.
It is noteworthy that PEPE has become the most successful asset in terms of value growth. Over the past week, the price of the token has increased by more than 750. Apparently, such a clear surge is due to news regarding the listing of the asset on many major crypto platforms.
Representatives from Coinglass reported that, as part of a pronounced upward trend, PEPE sellers suffered losses estimated at $17 million. Many traders expected to work on a price correction, but the token continued to rapidly strengthen its position. It is noted that daily trading volumes on PEPE exceeded $2.5 billion.
