The meme coin PEPE is at present experiencing a spectacular rise that hardly another altcoin, other than Shiba Inu, has skilled. Inside simply two weeks, the meme coin, which is predicated on a cartoon character created by Matt Furie again in 2005, has (nearly) damaged into the highest 100 cryptocurrencies by market cap. At press time, PEPE was ranked #101.
And as on-chain analytics platform Nansen shared in a latest evaluation, the 2 meme cash share different similarities: specifically, quite a few holders. In keeping with Nansen, PEPE has greater than 54,000 holders after simply two weeks. Whereas this sounds spectacular, it’s nonetheless small in comparison with the 1.3 million Shiba Inu holders.
Each sixteenth PEPE Holder Additionally Owns SHIB
It’s price noting, nonetheless, that one in 16 PEPE holders additionally owns Shiba Inu (SHIB). As Nansen analyzed, there are over 3,350 wallets holding each meme cash. So earlier than PEPE may even come near competing with SHIB, the holder base should develop considerably.
54,000+ $PEPE holders in simply 2 weeks? ?
Spectacular, however let’s not neglect the 1.3 million $SHIB holders on the market!
And do you know that over 3,350 wallets maintain each memecoins?
Let’s dive into the highest holders of those two ? pic.twitter.com/VmJPdJZQEY
— Nansen ? (@nansen_ai) April 30, 2023
An evaluation of the biggest holders exhibits that the 2 exchanges MEXC and Gate maintain giant quantities of each memecoins. “However do you know Wintermute additionally has 2 contract addresses buying and selling each tokens?” notes Nansen.
Wintermute is a number one international crypto market maker that works with the world’s high crypto exchanges and tasks to supply liquidity. Wintermute has an estimated on-chain valuation of $230 million, with Arbitrum ($54 million), Optimism ($47 million) and DYDX ($32 million) being the biggest holdings.
Nansen additionally writes, “Take into account that this pockets holds over $37.8 million in tokens, the vast majority of that are WETH, WBTC and stablecoins, so $SHIB and $PEPE solely make up a tiny share of their portfolio.” Nevertheless, Wintermute actively trades each meme cash.
Wintermute’s handle first obtained 1.2 billion SHIB on Feb. 23 with a present steadiness of 15.2 billion. Remarkably, the account was actively buying and selling on the chain with a realized PnL (DEX trades) between -$46,300 and $53,700. It additionally incessantly sends SHIB to its alternate deposit addresses.
However not solely SHIB, PEPE can also be actively traded by the Wintermute handle. It first obtained 46.5 billion PEPE on April 20 and at present has a steadiness of 81.6 billion. The handle has a realized PnL (DEX trades) between -$87,000 (on 4/21) and $170,000 (right this moment). Its final transaction was the alternate of 5,200,712,114 PEPE for 1.67 WETH.
Remarkably, PEPE’s 24-hour buying and selling quantity already outperformed SHIB by an element of two, based on information by CoinGecko. Inside the final day, PEPE reached $257.8 million, in comparison with $131.6 million for Shiba Inu.
PEPE About To Break Into The High 100
PEPE has risen over 93% within the final 24 hours, reaching an all-time excessive of $0.000001158. The market cap has risen to over $435.9 million, bringing the meme coin to one hundred and first place on Coingecko.
Nevertheless, as NewsBTC Can Meme Coin PEPE Get Into The High 100? Learn This Earlier than Shopping for, there are some pink flags. As rapidly as PEPE’s worth has risen, it might fall once more. Greater than 20 wallets spent an quantity of about 0.02 ETH on Mounted Float and Changenow to purchase the brand new meme coin shortly after PEPE began buying and selling.
Now these PEPE are price a number of million {dollars}. It has not but been conclusively decided whether or not these are insiders. Nevertheless, analysts warn that potential patrons ought to control these addresses to keep away from a rug pull, particularly as a result of the creators are unknown.
At press time, the PEPE worth stood at $0.00000109139.
Featured picture from Telegaon, chart from TradingView.com
