Within the last 24 hours, the coin’s growth constitutes slightly under 10%. In the meantime, the two leading meme cryptocurrencies — Dogecoin and Shiba Inu — have begun to slump after large recent growth. DOGE has gone down 2.01% over the past 24 hours, and .
Still, DOGE is up 7.79%, and SHIB has grown 16.73% over the past seven days.
The massive growth of the crypto market, and the meme coin sector in particular in terms of price and trading volume, is due to the Bitcoin surge above the $30,000 level after several major Wall Street firms, including Fidelity, launched their own crypto exchange. Besides, several big financial companies, including BlackRock (NYSE:BLK) and Invesco, filed applications to seek regulatory approval to roll out a Bitcoin-based spot ETF.
PEPE was released in April by an anonymous team of developers with no white paper as such (according to the coin’s website). The coin has no intrinsic value or utility purposes and unlike the leading meme coins based on the Shiba Inu dog breed, this token was based on the meme of Pepe the Frog.
According to various tweets by the @lookonchain “Smart Money” tracker, whales do not hold PEPE long term but buy it on the dip and then sell it quickly as the price rises to make a quick buck on it.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
