Since the launch of the new memecoin Pepe on April 14, the crypto space has been witnessing its systematic growth, with whale investors moving a whopping number of coins. According to the recent revelations of the web3 analyst ScopeProtocol, more than 1000 addresses have been depositing a total of 33 trillion Pepe coins in the past 24 hours.
On May 12, ScopeProtocol spotted that an enormous number of Pepe worth $46.37 million, with a net deposit of $22.94 million, has been deposited to different crypto exchanges by 1,176 users:
In the past 24 hours, a large amount of $PEPE has been deposited into exchanges:
— 0xScope (🪬 . 🪬) (@ScopeProtocol) May 12, 2023
33T $PEPE worth $46.37M, with a net deposit of $22.94M from 1,176 addresses.
Beware of MEME coin drop risks pic.twitter.com/443wqMCTTJ
Notably, the crypto analyst has also shared a screenshot of the finance data tracker Watcher Guru’s “CEX Deposit Ranking” chart. According to the chart, Pepe is the leading token in terms of deposits into centralized exchanges.
The chart shows that the frog-themed memcoin has been increasingly gaining wide acceptance among the crypto community with people accumulating massive amounts of coins in a limited period of time. As per the report, 1,176 addresses deposited 33,056,683,783,011.82 Pepe worth $46,374,129.39; the net deposit of the Pepe amounted to $22,936,669.97.
Interestingly, the cryptocurrencies including WBTC, SSV and COMP have exhibited comparatively weaker performance in the last 24 hours, with fewer number of tokens deposited. Thus, the substantial disparity in the number of Pepe and other tokens being deposited is evident enough to show the community’s preference for Pepe over other cryptocurrencies.
However, ScopeProtocol has warned investors of the possibility of a drop in the value of the cryptocurrency as more traders accumulate Pepe vastly. At the time of writing, the memecoin is traded at $0.000001236, marking a 24.59% fall in the last 24 hours.
Significantly, the current ranking of the memecoin as per CoinMarketCap is 79, with a live market cap of $490,226,403. Though the coin exhibited an upward trend in the past, over the last few days, the price has been moving downward.
