• 29 May, 2024
News

PEPE’s Success Attracts Marginal Users to Memecoins, Lifting ETH Gas Fees

As per a recent report by the crypto analytic platform Messari Crypto titled Pepe by the Numbers, the success of the frog-themed memecoin, Pepecoin (PEPE), has attracted marginal users to other memecoins. The platform added that the PEPE token momentum soared ETH gas fees in the process.

As per Messari’s report, drafted by the Senior Research Analyst Chase Devens,  PEPE has become the fastest-growing ERC-20 token ever in the crypto space with a $1 billion market capitalization (MCAP) and 107,000 holders in mere 23 days. Messari Crypto tweeted:

Chase Devens went on to tweet that PEPE simply keeps on adding a few thousand dollar per holder each time he checks the data. He shared a graph that showed PEPE’s average value per holder (AVPH) as of May 5, 2023, nearing SHIB’s (Shiba Inu) historic high in mere 21 days. PEPE’s AVPH (i.e. on the MCAP/holder metric) was in the $10,000 to $20,000 range within 21 days after launch.

Source: Chase Devens

Further, Devens stated that the gas fees of Ethereum (ETH) started to subside after it skyrocketed to its yearly highs last week. He cautioned that if another growth wave ensues, the swap fees could reach the $200 price point of 2021. But investors also took profit on their PEPE trades this past week, retreating its price by over 6%—falling to $0.000001508 after its early May price level of $0.000004354.

At press time, PEPE is trading at $0.000001786, up 18.11%, with an MCAP of $699,765,164, and a 24-hour trading volume of $326,993,670, up 81.27%, as per CoinMarketCap (CMC). PEPE has soared by over 2,500% since the beginning of its CoinGecko tracking on April 18.

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