Memecoin PEPE Drives Massive Frenzy In Crypto Space In A Month of Launch

07. May 2023 Posted by Akolkar B on News

While the broader cryptocurrency market has entered a strong consolidation phase, memecoin PEPE is driving a massive rally and is already up by more than 400% over the last week.

Launched on April 18 last month, Pepecoin (PEPE) has seen a massive interest among investors with daily trading volumes soaring as high as $3 billion on Friday, May 5, second to Bitcoin and Ethereum.

The frog-themed memecoin PEPE is a deflationary coin and exists as an ERC20 token on the Ethereum blockchain network. The goal of the project is to leverage the growing popularity of meme coins, such as Dogecoin and Shiba Inu, and position itself as one of the leading meme-based cryptocurrencies. PEPE appeals to the cryptocurrency community by implementing a no-tax policy, a redistributive system that rewards long-term stakers, and a burning mechanism that maintains the scarcity of the PEPE coin.

Interestingly, several popular crypto exchanges have also announced support for trading the newly launched memecoin. Over the last week, crypto exchange OKX was among the leading platforms in terms of the PEPE trading volumes.

Over the last week, crypto exchange Binance was leading in facilitating the futures trading volume for Pepe coin which topped to over $1.4 billion. However, Binance also announced the support for spot trading of Pepe coin starting May 5. This shows that big crypto exchanges are willing to capitalize on the frenzy surrounding PEPE cryptocurrency.

However, over the last two days, we have seen some profit booking for the Pepe coin (PEPE) whose price has corrected by more than 30% now. As per on-chain data, traders have been moving their profits into Ethereum (ETH) the price of which has surged all the way to $2,000.

In another interesting development, the PEPE deployer has blocked the contract address 0xAf2358e98683265cBd3a48509123d390dDf54534, which holds a total of 2519324010963 PEPE tokens worth $8 million USD at the current price. Unfortunately, these tokens have been permanently locked.

Memecoin PEPE has recently grabbed the limelight in the crypto space, and is quickly emerging as one of the preferred coins in its category giving a tough competition to the likes of Floki Inu, and others. It has already grabbed a spot among the top 50 cryptocurrencies by market cap. However, it still has a long way to challenge the likes of giants like Dogecoin (DOGE) and Shiba Inu (SHIB).