Pepe Coin has gained 4,000% since its April 14 start date. Santiment analysis shows that investors are now selling PEPE and moving to another altcoin.
PEPE investors change direction
PEPE, an ERC20-based meme coin, has surpassed the $1 billion market cap, up over 85% in the last 24 hours, three weeks after its launch on April 14, 2023. The rally continued with OKX, Coinbase and finally Binance listing.
According to new reports, Pepe, which has been attracting great attention for weeks, has brought active deposits on the Ethereum network to a record level. ETH price is currently consolidating below $2,000. As Pepe rally, active deposits on the Ethereum Blockchain hit a 1.5-year high. On-chain analytics firm Santiment says that ETH is thus leaving the market-wide and targeting 2,000 resistance.
Ethereum’s latest move in the $2,000 region came as active deposits on its network hit a 1.5-year high. According to Santiment, a large number of crypto investors are converting their PEPE profits to ETH. The Santiment report writes:
Exchange addresses interacting on the network are currently at their highest level since November 2021. As expected, ETH is showing signs of divergence and is on the verge of breaking $2,000 once again.
Ethereum gas fees peak
cryptocoin.comPepe Coin has been in the cryptocurrency market trends for weeks. It should be noted that there are some red flag rumors about the meme coin.
However, individual investor interest has led to new highs in the PEPE price, while the median daily gas fee on the Ethereum Blockchain has reached a 12-month high of 87 gwei. In terms of context, since the launch of Pepecoin (PEPE) on April 18, the gas fee on Ethereum has increased by 50%.
The ERC20 meme coin PEPE is on an unstoppable price rally. The frenzy surrounding PEPE is so strong that Uniswap’s pepecoin-wrapped ether (PEPE-WETH) liquidity pools have become the most active liquidity pool by transaction count.
According to on-chain data, traders spent a total of 413,283 PEPE Uniswap transactions, spending over $10 million in gas fees.
However, investors also need to be cautious as Vitalik Buterin and the Ethereum Foundation recently sold over 15,000 ETH.
Vitalik Buterin transfers 200 ETH to Kraken
After Vitalik Buterin dumped 200 ETH on Friday, the Ethereum Foundation did the same. Wallets linked to the Ethereum team transferred 15,000 ETH to Kraken.
On Friday, vitalik.eth on Vitalik Buterin transferred 200 ETH to crypto exchange Kraken. According to Etherscan data, this is not the first time the address has transferred ETH to the same Kraken wallet. There have been 5 transactions similar to Kraken in the last 2 months.
The Ethereum Foundation did the same. According to the transaction reported by PeckShieldAlert on Saturday, May 6, it transferred 15,000 ETH to Kraken. According to historical data, such large ETH transactions lead to a drop in ETH price. 20,000 ETH was last transferred to Kraken on November 12, 2021. ETH price has dropped 40% in 2 months after Ethereum Foundation cashed out near ATH at $4,722.
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For the rest of the article Santiment: PEPE Sellers Are Switching To This Altcoin!