During a famous bull run, the market capitalization of the meme-inspired cryptocurrency Pepe (PEPE) surged to the $1 billion mark before retracing, according to data from Cointelegraph. CoinGecko.
Memecoin is up 78% in the past 24 hours. Pepe’s 24-hour trading volume now exceeds a staggering $610 million.
Source: Coinecko
The digital currency associated with the popular internet meme character Pepe the Frog has positioned itself as a formidable rival in the memecoin space, even a rival to Shiba Inu (SHIB).
The sudden increase in Pepe’s market capitalization and trading volume can be attributed to its recent listing on BitMEX, one of the major cryptocurrency exchanges.
The listing allows users to trade Pepe against USD and USDT with up to 50x leverage. The development follows the digital asset’s recent surge in popularity as its 24-hour trading volume surpassed that of long-standing Dogecoin (DOGE).
Pepe is also available on other major exchanges such as OKX, MEXC Global, Huobi, and Gate.io.
Notably, listing Pepe on BitMEX and other top exchanges not only validates the asset, but also has the potential to attract more traders.
Underscoring the speculative nature of the digital asset, a prominent investor known as “SmartMoney” has profited handsomely from memcoin alongside Shiba Inu.
While Pepe’s market capitalization and soaring trading volumes herald the potential for huge profits, they have also raised concerns about market manipulation.
It is important for investors to exercise caution when investing in these highly volatile, meme-inspired cryptocurrencies.
Pepe’s rapid rise further highlights the speculative and unpredictability of the cryptocurrency market.
- The reason why PEPE has skyrocketed by 90% in the past 24 hours
- Whales’ profit-taking wipes nearly $200 million off PEPE’s market value
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According to USA Today
