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In the past week, Pepe (PEPE), a meme coin based on the world-famous internet meme, cleared ‘Pepe the Frog’to (again) attract all the attention in the past week.
In terms of price performance, the meme coin managed to stand head and shoulders above a generally declining crypto market. Since the publication of the US inflation figures, the crypto market has started a slight upward movement. The bitcoin price is at $27,400 at the time of writing and is therefore at the same price as about two weeks ago.
The total crypto market cap is equal to $1.13 trillion and the fear & greed Index is at 52 (neutral).
Anycoin Direct launched PEPE this week to offer users the chance to jump in on this new hype within the crypto world. All new users can now trade the first €1,500 free of charge on the Dutch platform. You only need to create a new account for this this link.
Bitcoin network crowded by enormous popularity Ordinals
The Bitcoin (BTC) network has been working overtime over the past week due to the massive surge in popularity of Bitcoin Ordinals. Partly since the advent of the new experimental token standard called ‘BRC-20’, the number of inscriptions has gone through the roof. With a bizarre increase in a short time, the counter currently stands at more than 5 million. The tokens on the Bitcoin network are also proving to be extremely popular, as the number of tokens and the market value have risen sharply in the past week.
Consequences for the Bitcoin network
As a direct result of the network congestion, Binance even decided to temporarily halt BTC withdrawals. Transaction costs have risen explosively due to the pressure on the network. While this is not ideal for the average user, BTC miners are currently catching up with their work.
Trading volume PEPE through the roof, crypto exchanges launch the meme coin
While the vast majority of cryptocurrencies have had a red week, PEPE is still turning green despite a current correction. Binance decided to launch the new meme coin in the so-called innovation zone and the Dutch exchange Anycoin Direct also announced on May 8 that users can buy, sell and swap PEPE.
The trading volume has now overtaken projects such as BNB (BNB) and Litecoin (LTC), which illustrates the hype surrounding the token.
📯 New Listing: You can now buy, sell and swap PEPE in the Anycoin Vault: https://t.co/8WazgULYWM
🚨 Please note that PEPE is a meme token and comes with higher risks. Remember to always invest wisely and do your own research.#pepe #memecoins #cryptocurrency #pepecoin pic.twitter.com/9zTEjA2EeB
— Anycoin Direct (@AnycoinDirect) May 8, 2023
PEPE fastest riser despite 50% drop
While PEPE’s price is currently cooling off and down 50% from Friday’s previous all-time high, it’s still the best-performing crypto of the past seven days by a huge margin.
With a current increase of almost 100%, the spotlights are still firmly focused on PEPE. A few whales are currently minting massive amounts of new tokens and seem confident in another surge for PEPE.
3 whales started to buy $PEPE after the price dropped.
0x50C1 w/drew 1.4T $PEPE($2.76M) from #binance when the price was $0.000002054.
0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.
0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI
— Lookonchain (@lookonchain) May 9, 2023
Ethereum lights up in green
Ethereum (ETH) is one of the few major cryptocurrencies currently trading higher than it was a week ago. However, this is only an increase of 1 percent, so that the price currently stands at $1,871.
Amidst the current meme hype, transaction fees on the Ethereum network are skyrocketing, leading to many irritations among users of the layer-1 blockchain.
Polygon is the hardest drop of the week
Polygon (MATIC) has fallen the hardest of the largest cryptocurrencies by market capitalization in the past seven days. In fact, MATIC is down 10% from a week earlier, currently trading at $0.8808. MATIC has been struggling for a while and has fallen 20% in total in a month.
Trade with Anycoin Direct
Do you also want to buy your favorite crypto coins quickly and easily? make an account at the Dutch crypto exchange Anycoin Direct to trade the first €1,500 for free.