While the crypto economy has reached a value of $1.2 trillion, meme coin markets have experienced substantial gains this week, with the top five meme tokens recording both 24-hour and seven-day gains. According to recent data, pepe is leading the pack with a 34% increase in the last 24 hours and a 66% increase over the past week.
Whales Capitalize on Price Dip as Pepe Surges in Meme Coin Market
The meme coin economy witnessed a surge in value on June 22, 2023, with a 6.9% increase over 24 hours, bringing the current market valuation to $15.5 billion at 8:03 a.m. Eastern Time, June 22. Leading the market in terms of market cap, dogecoin (DOGE) has risen by 3% today and 8.3% over the past seven days. Following closely is shiba inu (SHIB), which experienced a 7.5% jump in 24 hours and a 19.3% increase for the week. Collectively, DOGE and SHIB account for $13.8 billion of the overall $15.5 billion market valuation, representing 89% of the meme economy’s value.
Among the top five meme tokens, pepe (PEPE) emerged as the leader in meme coin gains last week, surging by 66% against the U.S. dollar. PEPE experienced a notable increase of 34.4% in value in just one day. As of June 22, its market valuation stands at approximately $609 million. PEPE also holds the ninth position in global trade volume among the top ten coins, with trades totaling $682 million in the past 24 hours.
While PEPE experienced significant weekly gains, milady meme coin (LADYS) also soared by 66%. However, LADYS recorded a decline of 6.7% in the past day. In the realm of meme coins, other notable gainers this week include floki (FLOKI), baby doge coin (BABYDOGE), dogelon mars (ELON), dejitaru tsuka (TSUKA), and volt inu (VOLT). On the other hand, jesus coin (JESUS) has experienced a 26% decrease, and cake monster (MONSTA) is down by 24% over the last week.
While pepe (PEPE) has experienced a significant decline in value since its highs in early May, the number of PEPE holders has risen to 121,821 compared to the 107,617 recorded on May 11. During that time, the top ten wallets held 33.93% of the entire PEPE supply, but that figure has now increased to 39.92%. Likewise, the top 100 PEPE holders have seen their share rise from 56.15% of the PEPE supply to the current 64.49%. The data indicates that as PEPE prices dipped at the end of May and in the first few weeks of June, meme coin whales accumulated a significant amount of PEPE.
What are your thoughts on PEPE’s surge and the role of meme coin whales in accumulating PEPE during the price dip? Share your thoughts and opinions about this subject in the comments section below.
