Meme Coin PEPE Outshines Top NFT Collections

In recent weeks, the meme coin PEPE has demonstrated remarkable performance by surpassing the market value of prominent NFT collections. An analysis revealed that PEPE's market value has exceeded $6.2 billion, positioning it as the third-largest meme coin in the market. Interestingly, PEPE's market cap now stands at 10% higher than the collective market value of leading NFT collections.

This surge in PEPE's market dominance follows a substantial 24-hour trading volume that reached $2.47 billion, marking a substantial 216% increase from early May.

Since its introduction to the market in May 2023, PEPE has experienced an impressive surge of 25,955%. Even amidst market fluctuations in 2024, PEPE saw a substantial 1,042% rise, showcasing its resilience.

PEPE hit an all-time high of $0.00001718 on May 27, but has since experienced a 12% decline. Currently, PEPE trades at $0.00001495, attracting significant investor attention.

PEPE's Dominance Over NFTs

PEPE's influence supersedes that of other meme coins, particularly evident when compared to the volumes of blue-chip NFT projects. While blue-chip NFT projects recorded a trading volume of $12.8 million, PEPE's 24-hour trading volume soared to $1.3 billion, underscoring its market strength.

Recent data from DragonFly's Hildobby highlights an 85% decline in NFT traders over the past two years, indicating a shifting trend in the market dynamics.

Moreover, PEPE's trading activity showcases a contrasting pattern to the diminishing engagement observed in the NFT market, as suggested by Dune's analysis.

PEPE and Market Trends

Insights from Santiment data point towards declining cash inflows and outflows for PEPE in the last three days, hinting at a potential downturn in the near future.

PEPE's RSI value dropped from 77 to 67, signaling a cessation of overbuying. A further drop below 50 could trigger a stable price increment. Despite market fluctuations, statistical data from IntotheBlock indicates that over 96% of PEPE investors continue to remain profitable.

This remarkable feat by PEPE signifies a significant milestone in the crypto market, establishing its prominent position in the meme coin sector.