2023-5-1 19:57 |
The PEPE meme coin has hit a new all-time high of $0.000000816. The surge in price amounts to a nearly 38,900% increase since its launch on April 14.
By 24-hour trading volume, on Sunday the ERC-20 token ranked as the 17th most traded cryptocurrency, according to CoinGecko data. Thanks to its rapid ascendency, PEPE has broken into the top 125 coins by market capitalization.
PEPE Price (Source: BeInCrypto)While other top meme coins including Dogecoin and Shiba Inu have been roughly following Bitcoin’s cues, PEPE emerged in mid-April to amass a market cap of over $326 million in less than two weeks.
The Pepe MemeBased on Pepe the Frog memes, PEPE tokens follow an established pattern characterized by social media-fueled hype. But it’s too early to say whether PEPE will soon fall to the wayside like countless projects before it. For now at least, the meme coin has managed to capture the internet’s imagination.
If PEPE is able to hold people’s attention for much longer, it may join the limited ranks of meme tokens that remain permanently embedded in the consciousness of the world’s crypto communities.
PEPE Hodlers Long for Listing on Major ExchangeOne factor that could impact PEPE’s longevity is a listing on a major cryptocurrency exchange. Such an event may even extend the meme coin’s impressive run.
For example, consider that when Floki Inu was listed on Binance earlier this week, it caused its price to spike by as much as 50%.
Several days later, the meme coin market received another injection of excitement when the exchange published a PEPE buyers guide. Sure, the guide only advises would-be investors to use a decentralized exchange. But that didn’t stop speculation that Binance could open a space for PEPE on its platform.
Of course, investing in meme coins is high risk. For starters, their price is essentially tied to how much people are talking about them online. They are also extremely vulnerable to price manipulation. And even those who do find themselves in possession of a hoard of PEPE tokens at the height of its value, without sufficient liquidity, cashing out may prove difficult.
Ultimately, whether interest in PEPE proves to be a flash in the pan or something more enduring, it certainly adds to the fascinating backstory of one little green frog.
First drawn by American cartoonist Matt Furie in 2005, at various points Pepe the Frog has acted as a 4-chan in-joke, an alt-right icon, and a symbol of resistance used by Hong Kong protesters. Where this meme will go next is anyone’s guess.
PEPE Sets Sights on FLOKI NextFollowing the recent all-time high, which now sees the price heading towards a 40,000% increase over the last two weeks, The market capitalization of PEPE has now climbed to $337 million.
Total Gains from PEPE Since Launch, Source: DextoolsThe memecoin which is now ranked fifth biggest in the memecoin category, is quickly chasing down fellow memecoin Floki (FLOKI). With an impressive 24-hour trading volume that was only beaten by Dogecoin, PEPE is less than $8 million from overtaking FLOKI.
Top meme coins, Source: CoinGeckoWith the meme coin market hotting up and PEPE seeing continuous bullish price action, the meme coin could break into the top 100 soon and usurp FLOKI before eyeing its next victim in Baby Doge Coin (BABYDOGE.
The post PEPE Takes the Meme Coin Crown, Leaving Dogecoin and Shiba Inu in the Rearview appeared first on BeInCrypto.
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