Within the last two weeks, the value of PEPE meme coin has skyrocketed by over 2,000%, which has been attributed to a huge surge of buyers. According to Cointelegraph, cryptocurrency exchange OKX disclosed that it would be listing PEPE on May 1 at 5pm Hong Kong time, and PEPE withdrawals would be permitted on May 2 at 5pm HKT. The excitement surrounding PEPE trading pairs caused a trading frenzy on several other cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io and Huobi.
The announcement of the OKX listing resulted in a surge in PEPE’s value, which rose by over 50% in the last 24 hours, with a trading volume of $543,008,475 USD as of the time of writing.
The PEPE meme coin phenomenal growth has been paralleled by a similar uptick in Google search queries. The Google Trend score for “pepecoin” shot up from 3 to 100 between April 9th and April 16th, with a score of 100 denoting peak popularity for a particular keyword search.
In addition, PEPE’s listing on various cryptocurrency exchanges including those previously listed, may also be a driving factor in its price movement.
The volume of decentralized finance (DeFi) transactions involving PEPE has also skyrocketed. On April 15th, volumes around the token surged to over $240 million, up from $2.99 million in a Uniswap PEPE/WETH pool, with multiple liquidity pools and centralized exchange listings.
Furthermore, as per data highlighted by Decrypt, Nansen’s Ethereum analytics dashboard revealed that in the last week, over 30 “smart money” wallets purchased PEPE tokens worth around $1 million. The analytics firm categorizes very large and active traders as “smart wallets.”
The PEPE meme coin is a deflationary meme coin that runs on the Ethereum network, as CoinMarketCap explains. The cryptocurrency was designed as a tribute to the famous internet meme Pepe the Frog, which was created by Matt Furie and became popular in the early 2000s. The project is seeking to benefit from the craze around meme coins, much like Shiba Inu and Dogecoin, and is working hard to establish itself as one of the premier meme-based cryptocurrencies.
PEPE is popular with the cryptocurrency community because of its no-tax policy, its redistribution system that rewards long-term stakers, and its burning mechanism that ensures the scarcity of the PEPE coin.
One key factor is its connection to Pepe the Frog, a character with a complex and controversial history. This link sets the PEPE meme coin apart and enhances its appeal within the crypto community. Another unique feature is its redistribution system, which rewards those who hold the token for extended periods of time. This system promotes holder incentives and increases the likelihood of long-term success.
PEPE’s burning mechanism is also noteworthy, as it helps to maintain scarcity within the market. Lastly, the project’s no-tax policy is a defining characteristic that distinguishes it from other cryptocurrencies. By avoiding transaction fees, PEPE can attract a wider audience and expand its user base.
An ERC-20 token with a supply of 420.69 trillion tokens, PEPE joins the ranks of so-called meme coins, or tokens that are based on internet memes and pop culture references. Although the PEPE meme coin has captured the market’s attention recently, several Pepe the Frog NFTs and tokens have been released over the years.
In April, an investor converted $250 in PEPE into $1.02 million in just a few days by purchasing 5.9 trillion PEPE tokens in exchange for 0.125 Ethereum. This surge in popularity is reminiscent of events that occurred in 2021, such as DOGE’s 23,000% surge, largely due to Elon Musk’s endorsement of the coin on social media. Similarly, SHIB’s value increased by over 1,250% during the 2021 cryptocurrency bull market after gaining popularity from its sister coin, Dogecoin.
Despite the recent surge in interest, OKX, in its PEPE listing announcement, warned investors of the high price fluctuations and risks associated with digital assets, stating that potential investors should have a full understanding of digital assets and exercise prudence while making investment decisions.
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