Meme coin mania is gripping the crypto industry, and Pepe token is leading the pack. Recent meme coin activities resulted in Ethereum deposits surging by 20,000 for the first time since November 2021. Sentiment, the blockchain analysis platform, argued that PEPE coin traders are looking to cash out profits from rallying coins could be a reason behind the increase in the number of active addresses.
Source: https://www.thecoinrepublic.com/2023/05/08/pepe-conversions-drove-active-ethereum-deposits-to-18-months/