As New PEPE Coin Shoots Up 10,000%, Crypto Whales are Buying This Other Meme Coin Before it Lists on Exchanges
As on-chain summer continues to grip DEX markets, in an unexpected move a Pepe (PEPE) - a spin-off of the original Pepecoin - has exploded an eye-watering +10,000%.
Following in the footsteps of Pepecoin (PEPE), which undertook a dramatic surge to a $1bn market cap back in May, Pepe is a spin-off meme coin riding high in the wake.
However, at the heart of this rally is serious community backlash against worrying moves by the original Pepecoin team - with the multi-signature wallet requirement being reduced to just 2/8 signatures needed and large quantities of Pepecoin moving on-chain.
The seismic +10,000% move by Pepe has already beaten the +7,000% skyrocket gains of the Pepecoin predecessor.
Launched at midnight on August 25, Pepe gained immediate traction upon launch, surging an initial 4,550% in the opening 6-hours of trading.
However, initial interest was short-lived, and the following 72-hours saw tight-fought price action, as bag-holders fought to defend the now well-established $0.0025 support level.
After a strong consolidation at support, on August 28 price action once again exploded as a huge influx of $23m in trading volume flooded into the project.
This triggered a moon-shot rally, with price rapidly climbing a further +950% over the following day, bringing early-backer's profits to a jaw-dropping +12,000%.
As a flurry of 14.9k transactions saw Pepe's market cap surge up to $21.5m, bag-holders took profit at a local high of $0.051 - fuelling a sudden -72% retracement move down to $0.013.
However, once more bag-holders remain under-deterred, and another battle to consolidate is underway at the $0.025 price level.
Buy pressure remains strong representing 56% of transactions over the past 6-hours, but while bag-holders
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