Pepe (PEPE) is insatiable: It has exploited the market!

Pepe (PEPE), the memecoin inspired by frogs, has reached new records following the approval of spot Ethereum ETFs.

The number of blockchain addresses trading in Pepe exploded last month; the popular memecoin on the Ethereum network has seen a 100% increase in the last 30 days following the approval of the spot ETH ETF.

According to IntoTheBlock data, the number of daily active addresses holding PEPE increased by 230 percent to 9,830. This growth even outpaced other meme coins such as FLOKI, which saw a 179 percent increase in daily active addresses. Meanwhile, the number of daily active addresses for Dogecoin increased by 10 percent to 53,000.

The memecoin craze is increasing active addresses every day

Tracking the number of daily active addresses, although not always an accurate measurement, can indicate the adoption trends or usage patterns of a network. Among the cryptocurrencies tracked by IntoTheBlock, the most notable name was PEPE.

PEPE is based on the Pepe the Frog meme, which was first created by Matt Furie in 2005 and was released to the market with little excitement last April. However, the crypto community's interest in meme coins has recently peaked, despite their notorious volatility and controversy risks, becoming a dominant trend.

PEPE, which has been exploiting the market for a while, rose to its all-time high of $0.00001698, riding the memecoin wave. The popular memecoin, which has shown significant gains since last year, dropped by 4.8% in the last 24 hours. Despite the recent decline, the majority of PEPE investors are profitable. According to IntoTheBlock, 97% of PEPE investors are making gains on paper, while 2.73% are breaking even.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.