Pepe (PEPE) Leads Meme Tokens with Strong Retail Support

Pepe (PEPE) gains recognition as the meme token with the highest number of wallets holding over $1,000, showcasing its potential for long-term holding and community reliability. Despite fluctuations, PEPE remains a standout in the meme token space with a market cap surpassing $10 billion.

Pepe (PEPE): A Community Favorite Among Meme Tokens

Pepe (PEPE) has emerged as a leading meme token in 2024, backed by a robust metric: the number of wallets holding over $1,000 in assets. This mid-range retail wallet metric signals strong community formation and long-term holding potential. Unlike some meme tokens heavily reliant on insider wallets, PEPE has a widely distributed token base, which reinforces its position as a cult favorite.

Murad Mahmudov, a prominent crypto analyst, categorized tokens into trading and holding groups, highlighting PEPE’s dominance in the latter. Following closely behind are DogWifHat (WIF) and SPX6900 (SPX), both of which have also gained notable traction in the meme token ecosystem.

PEPE’s Market Performance and Challenges

Despite its popularity, PEPE has seen fluctuations in its holder base. Recent data shows a slight decline in daily onboarded holders, attributed to wallet clusters selling off tokens to induce market panic. Yet, whale activity remains a stabilizing factor.

One notable whale wallet removed a significant PEPE supply from Binance, holding 2.62% of the token’s total supply alongside APU tokens. While this raises questions about centralization, other whales demonstrate commitment to holding.

Market maker Wintermute recently reduced its PEPE holdings to 242 billion tokens valued at $6.8 million, shifting focus to other meme tokens like POPCAT, CAT, and BONK.

PEPE Price Action and Market Cap Milestones

PEPE recently traded near an all-time high of $0.000027 before stabilizing at $0.000023. Its market capitalization soared past $10 billion, cementing its position as the third-largest meme token. However, the broader meme token market capitalization has shrunk to under $120 billion, reflecting shifting investor sentiment and competition from newer sectors like AI meme tokens.

The Rise of AI-Related Meme Tokens

Meme tokens tied to AI agents are gaining ground, with a total market cap of $4.3 billion. Tokens like GOAT and FARTCOIN are leading this niche, while traditional meme tokens face reduced mindshare. Stars like Moodeng (MOODENG) are experiencing corrections after high-profile listings, often marred by market manipulation concerns.

The Road Ahead for Meme Tokens

While meme tokens face increasing competition from DeFi and AI narratives, cult favorites like PEPE continue to thrive. Experts like Murad Mahmudov suggest that retail and community-driven tokens have the best chance of sustained growth, with strong holder bases as a key indicator.

For now, PEPE’s widespread distribution and consistent whale support keep it poised for long-term success in the volatile meme token market.

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