The PEPE meme coin has astounded the crypto community by reaching a staggering new all-time high of $0.000000816. This remarkable increase, nearly 38,900% since its inception on April 14, has propelled PEPE into the limelight. The ERC-20 token now holds the 17th position in terms of 24-hour trading volume and has entered the top 125 coins by market capitalization, according to CoinGecko data.
The Meteoric Rise of PEPE
While well-known meme coins such as Dogecoin and Shiba Inu have largely followed Bitcoin’s market movements, PEPE burst onto the scene in mid-April and rapidly accumulated a market cap of over $326 million in less than two weeks.
Deriving its name from the Pepe the Frog memes, the PEPE token has capitalized on the power of social media-driven hype. However, it remains uncertain whether PEPE will ultimately join the ranks of meme tokens that enjoy lasting success or fade away like numerous projects before it.
Is There any Longevity?
A key determinant of PEPE’s future trajectory could be its listing on a major cryptocurrency exchange. Such a development can potentially prolong the meme coin’s impressive run, as evidenced by the recent 50% price surge of Floki Inu following its listing on Binance.
The meme coin market experienced another boost just days later when Binance released a PEPE buyers’ guide, sparking speculation that the exchange might soon feature PEPE on its platform.
No major exchange besides MEXC Global has committed to listing PEPE. Therefore, it is essential for trading platforms to conduct due diligence rather than chasing quick profits.
Investor Considerations: The Risks of Meme Coins
Investors need to recognize the high-risk nature of meme coins. Their prices are primarily driven by the level of online discussion surrounding them, making them susceptible to price manipulation.
Moreover, even if an investor accumulates significant PEPE tokens at their peak value, insufficient liquidity could hinder their ability to cash out.
In the wake of its recent all-time high, the market capitalization of PEPE now stands at $337 million, with its price approaching a 40,000% increase over the past two weeks.
As the fifth-largest meme coin, PEPE is rapidly closing in on its fellow meme coin, Floki (FLOKI), trailing by less than $8 million in market cap.
With its impressive 24-hour trading volume surpassed only by Dogecoin, PEPE’s ongoing impact on the crypto market warrants close observation.
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