2023-5-6 20:00 |
Crypto Twitter’s favorite new meme coin Pepecoin (PEPE) has hit another milestone. With an impressive rally over the last 24 hours, the coin crossed the $1 billion market cap mark and has now solidified its position as a top 100 cryptocurrency. But after rallying over 20,000x since its launch three weeks ago, what could be driving this fresh rally for the meme coin?
Gemini Listing Rumors Spurs New GrowthOn Thursday, Tyler Winklevoss, one of the co-founders of the Gemini exchange, tweeted a frog emoji that spurred listing rumors in the PEPE community. The tweet which carried only the single emoji was followed up by another tweet with the emoji but this time with the words “sounds rare” added to it.
Following the tweets, rumors quickly spread that the exchange may be planning to list the meme coin which has been pulling in significant volume since its launch. The rumors were further fueled by the PEPE team moving its treasury holdings to a multi-sig wallet.
The reason for this is that larger exchanges oftentimes require team treasury funds to be secured before they are listed. So speculations rose quickly about a possible listing and the Winklevoss tweet has the community convinced that the Gemini listing is coming next.
over the next hour you will see some transactions taking place from $PEPE pepecexwallet.eth.
a multi-sig is being created and the cex-wallet tokens will be transferred to the safe. pic.twitter.com/anh6VGxjeN
— Pepe (@pepecoineth) May 4, 2023
PEPE Rises 100% In One DayAt this point, it is no longer a surprise when PEPE moves so quickly. But moving from a $500 million market cap to over $1 billion in one day in a bear market is a considerable feat. Nevertheless, that is what the meme coin did.
Data from on-chain aggregator CoinGecko shows that PEPE’s price moved from a price of $0.00000114 which it opened the day with to a new all-time high of $0.00000310. This brought its market cap to a peak of $1.1 billion.
If the Gemini listing rumors are true, then the meme coin could be gearing up for a run to $2 billion just off the listing alone. Its 24-hour trading volume of $800 million is also significantly higher than that of its largest competitors, including Dogecoin at $253 million and Shiba Inu at $94 million.
The meme coin has already been listed by Binance in its Innovation Zone and more exchanges are expected to follow suit.
Interestingly, another 6x move from its current price would see the market cap of PEPE flip SHIB, something that would be a considerable feat, making it the second-largest meme coin by market cap. However, for now, PEPE is resting easily as the third-largest meme coin in the market.
The community has also grown rapidly and as of the time of this writing, the PEPE official Twitter has over 233,000 followers. On-chain data also shows that there are now almost 92,000 holders of the less than one-month coin.
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