On-chain and social data show a significant rise in Pepe’s (PEPE) social dominance, surpassing Bitcoin (BTC) and Ethereum (ETH).
Data by market intelligence platform Santiment shows that whale transactions have constantly risen over the past week.
The transfers of at least $100,000 worth of PEPE grew from 42 trades on Aug. 4 to 102 on Aug. 10.
Moreover, PEPE investors have been shifting to non-custodial wallets as the asset’s amount of exchange withdrawals has reached 8.85 trillion daily tokens. This suggests a 502% incline from Aug. 4’s 1.47 trillion coins leaving exchanges.
Quite similarly, Pepe token’s social volume also spiked by around 160% over the past week. Santiment data shows that PEPE’s social importance witnessed a 63.2% decline between July 19 and Aug. 1.
Data from ICO Analytics shows that PEPE has become the most discussed cryptocurrency on Twitter in July. Per the tweet, the meme coin has surpassed the two leading crypto assets — BTC and ETH.
Pepe is down by 1.09% in the past 24 hours and trading at $0.00000123 when writing. The asset’s 24-hour trading volume has also declined by 17%, currently at $141 million, with a $482 million market capitalization.
According to a report on July 24, meme coins accounted for 40% of crypto investment in the U.S. among investors aged between 18 and 40.