On May 2, the median average transaction fee on the Ethereum network soared to around 87 gwei, according to Dune Analytics. This spike was mainly attributed to the increased on-chain activity surrounding memecoin trading.

A Pepe wallet that holds 2.5 trillion tokens turned $27 into over $4 million. This rounds out to roughly 0.59% of the max supply.

Pepe Coin, a meme-based cryptocurrency, has seen a surge in value, reaching a new all-time high. According to the article, Pepe Coin's price has increased by over 900% in the past week, making it one of the most notable gainers in the crypto market.

PEPE, a new meme coin, has seen its market capitalization surge to over $500 million in just over two weeks since launch. However, funding rates in perpetual futures tied to the token remain negative, indicating the dominance of bearish positions in the derivatives market. A negative funding rate suggests that most traders expect prices to drop, and this could be due to outright bearish speculation or hedging activity. As small-cap meme tokens like PEPE tend to be more volatile than market leaders such as Bitcoin and Ethereum, they can fluctuate greatly in a short amount of time, leading to negative funding rates. While the funding rates reflect the bearish market sentiment, they also indicate scope for a short squeeze, which could trigger a rally if there is a mass unwinding of bearish short positions. According to data tracking platform Laevitas, PEPE's recent rally may have been partly driven by a short squeeze.

Uniswap’s V2 and V3 liquidity pools for PEPE-WETH have been the most active liquidity pool contracts by number of transactions in the past seven days with more than 82,750 and 72,950 transactions, respectively, according to Nansen data.

Pepe the memecoin has been all the rage in recent days after the price skyrocketed more than 250% in the last week. At the same time, pepe's market capitalization surged to $582 million on Tuesday before whipsawing to $397 million on Wednesday. 

According to CoinGecko’s report today, Shiba Inu is the most popular meme coin in the United States, representing 60.78% of the country’s interest in meme-based cryptocurrencies beating PEPE, which garnered 11.8% in the US.

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OKX, a significant cryptocurrency exchange, has revealed that it will add Pepe (PEPE) to its spot trading markets. The announcement was made on May 1, and the trading and withdrawal plan has been released.

The largest holder of the pepe coin (PEPE) is holding more than $1 million worth of the token, causing concentration risks in the short-term future of the memecoin. Concerns have been raised about the behavior of investors who bought relatively large amounts of pepe after its issuance on Ethereum, turning about $1,200 of initial capital to over $9 million in just a few days. The frenzy surrounding the frog-themed token last week sent market capitalization of a few thousand dollars to over $150 million and created massive hype, attracting liquidity from traders and spurring scores of look-alike tokens on other blockchains. However, exit liquidity remains a concern, and a sudden sale by a top holder is likely to immediately drive prices down. The wallet holding the largest amount of pepe is sitting on over $1.1 million worth of the tokens after acquiring them for a few hundred dollars worth of ether. While other top holders may have spread their holdings across several wallets, almost 3% of pepe holdings are connected to each other, accounting for $3.78 million worth of the tokens, causing a major risk for the market and holders. PEPE trades at $0.000000233615 at writing time on Tuesday, down 22% in the past 24 hours.