Pepe is up over 250% this week but still trails Shiba Inu, Dogecoin
@sanor016
Pepe Coin (PEPE) has rallied by more than 250% this week, displaying a remarkable bullish momentum across the global crypto market.
Several other meme coins, including Bonk (BONK), have also recorded double-digit gains this week.
Pepe’s remarkable climb
Amidst the frenzy of the crypto market, Pepe Coin has emerged as a standout performer, trailing behind meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Contrary to initial perceptions of diminishing value, PEPE has experienced a diverse trajectory, transforming into a billion-dollar asset during periods of speculated trend reversals.
Pepe Coin’s journey in February witnessed a consistent upward trajectory, culminating in a 255% rally over the week, as the meme coin’s price hit $0.0000041.
Analyzing the weekly and daily chart patterns, the sustained growth indicates potential for further upward movement.
During this surge, six prominent wallets engaged in substantial PEPE trades, involving approximately 2 trillion coins.
The total transactions amounted to $4.37 million, yielding profits close to $2 million for the traders. This significant market activity underscores the heightened interest in PEPE.
Pepe’s controversies
However, the resurgence of PEPE prompts a revisit to past controversies. In January, the PEPE token team addressed a series of suspicious wallet transactions, distancing themselves from “nefarious” former team members.
The swift denial and clarification that such activities are not linked to the current team suggest a complex backstory involving rogue developers.
Adding to the intrigue, suspicions of former team involvement trace back to an incident in August 2023, where rogue developers misappropriated 16 trillion PEPE coins, valued at nearly $16 million.
Despite these challenges, PEPE has earned a nomination for ‘Memecoin of the Year,’ celebrating its impact on the crypto community and cultural zeitgeist.
