Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has broken into the top 50 holders of memecoin Pepe (Pepe) less than 24 hours after listing on its platform.
Just like that, in less than 24 hours, @ Gemini Holders of the top 50 have been cracked $ Pepe. 748 billies ($1.3 million) have been credited to their exchanges. Will keep an eye on this. pic.twitter.com/R2kGXjOV5q
— Jason Kline (@Jclineshow) May 10, 2023
A tweet by analyst Jason Klein indicated that an estimated 748 billion Pepes, worth about $1.3 million, have been deposited into Gemini accounts.
The rapid increase in Pepe holdings on Gemini highlights the continued appeal of meme-based digital currencies, a trend initially sparked by Dogecoin (DOGE) and Shiba Inu (SHIB).
Pepe, a token built on the Ethereum blockchain, was introduced to the crypto market in April. Taking advantage of meme trends, Pepe’s name is derived from the controversial “Green Frog Pepe”.
Klein also noted in a follow-up tweet that he believes Gemini’s competitor Coinbase is “out of touch with reality,” and suggested that the platform will struggle to catch up with Gemini and other exchanges on Pepe’s listing.
Cline believes that Robinhood, another popular trading platform, may list Pepe ahead of Coinbase because they need to capitalize on the memecoin’s popularity.
The analysis comes amid a massive sell-off of Pepe on Binance, the world’s largest cryptocurrency exchange, as major holders, aka “whales,” reportedly withdrew their funds following the listing.
Despite concerns over the memecoin’s volatility, Pepe’s market capitalization has grown to more than $1.6 billion, according to CoinGecko. This sudden rise has caught the attention of many speculators, but the token has fallen 56% from its peak.
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According to USA Today