Despite the recent unexpected popularity of a new meme currency, PEPE, the @DogeWhaleAlert crypto monitoring account has reported that Robinhood clients are still holding onto their DOGE tightly and are not selling.
PEPE was inspired by memes about Pepe the frog instead of Shiba Inu dogs and memes based on them, in contrast to the previous generation of meme coins.
A total of 33,562,118,525 DOGE are now stored in Robinhood wallets on behalf of its clients. This is comparable to $2,642,446,278 in US dollars and makes up 24.11% of the total Dogecoin supply currently in use.
PEPE becoming crazy popular
Pepe is a meme coin with no practical use that was released in April by an unidentified group of creators. But since it was listed on other cryptocurrency exchanges, like Huobi and OKX, it has greatly increased in popularity.
The Binance exchange said on Friday that PEPE and FLOKI will be included to its Innovation Zone, a region where new, promising currencies are introduced. Recently, Binance transferred SHIB from that platform to a standard trading platform.
However, following the announcement of the listing, Binance abruptly banned deposits for PEPE and FLOKI as a result of a technical issue. A few hours later, business was back to normal.
PEPE catching up with SHIB
PEPE has seen astonishing price increases of 51% and even more during the last week. According to information from CoinMarketCap, the frog-themed meme coin is now trading at $0.000002966.
As a result, Shiba Inu, the second-largest canine cryptocurrency by market cap after Dogecoin, is more costly than Pepe, the meme coin. On CoinMarketCap, SHIB is currently ranked 15th and trading at $0.000009656, while PEPE is already rated 42nd.
Whales going after PEPE, selling SHIB and NFTs
Whales and “Smart Money” wallets are breaking the bank to purchase the newest, trendiest cryptocurrency. U.Today stated on Friday that a “Smart Money” whale hurried to trade 6 billion Shiba Inu for 325 billion PEPE after purchasing hundreds of SHIB in 2021 for about $224,000 and earning $3.84 million on the sale.
David Gokhshtein, a prominent proponent of meme cryptocurrencies like DOGE, SHIB, FLOKI, and now PEPE, tweeted earlier today that many people are selling their NFTs for cheap in order to buy PEPE.
He pointed out that this presents a chance to get some premium blue chip NFTs at a reasonable price.
