Pepe coin ($PEPE), the well-known frog-themed meme coin, has surged to its all-time high (ATH) of around $0.00000230 on Thursday. Early holders of Pepe coin are currently reaping profits, as the coin has seen a nearly 600% increase in value in the past seven days.
Impressive Statistics
With over 91.3k holders as of Friday, Pepe coin has facilitated more than 614k transactions to date. In the last 24 hours, Pepe coin’s trading volume has increased by more than 127% and is currently around $732 million in the early London market. The meme coin has a total market capitalization of around $812 million.
Related: Pepecoin (PEPE) Price Hits New ATH With More than 77% Short Trades Liquidated – Coinpedia Fintech News
Deflationary Ecosystem
As an Ethereum-based meme coin, Pepe coin traders use Ether to pay for transactions, similar to ERC-20 tokens. So far, more than 3,185,589 Ether have been burned on the beacon in a bid to make the network a deflationary ecosystem. The rise of Pepe coin has significantly helped the Ethereum ecosystem accelerate its burn rate.
Exponential ETH Burn Rate
Pepe coin traders burned about 5,300 Ethers worth approximately $10 million for 413,283 transactions, according to Twitter user @thiccythot. In just three weeks of existence, Pepe coin has already managed over 600k transfers. As a result, the ETH burn rate is expected to rise exponentially.
Bearish Sentiment
After hitting ATH, Pepe coin saw a 10X return and entered price discovery mode earlier this week. However, more Pepe short traders, amounting to 72% of $10.32, were liquidated in the past 24 hours. This indicates that more traders are beginning to feel bearish about the meme coin after its recent breakout.
Source: https://coinpedia.org/altcoin/pepecoin-news-pepe-traders-burns-nearly-10m-worth-of-eth-in-gas-since-inception/