Binance has announced that it will list Pepe Coin (PEPE) and Floki Inu (FLOKI) in its innovation zone. This was the main driver behind today’s rally of these two memecoins. Additionally, Crypto.com, one of the biggest cryptocurrency exchanges in the US, has also listed PEPE. This increased the liquidity offered by PEPE market pairs and boosted the token’s market visibility and accessibility.
PEPE has recently become one of the top-performing cryptocurrencies. The price of the token skyrocketed by over 12,000% since its launch. In the last 24 hours alone, PEPE has marked a 60% increase. This pushed the token’s market capitalization to over $1 billion.
The meteoric rise of PEPE has affected traders who bet against the token’s growth. There are reports that the number of leveraged short PEPE traders has soared. However, this resulted in losses exceeding $10 million on a daily basis. Moreover, on-chain data reveals that more than 5,300 ETH have been burned in the past three weeks. This burn is 100% attributed to PEPE traders on Uniswap alone. For your information, 5,300 ETH is approx. worth over $10 million.
Despite the excitement surrounding PEPE, it is essential to note that this phenomenon is quite isolated. DOGE, SHIB, FLOKI, and numerous other meme-based cryptocurrencies have either remained neutral or experienced slight price declines in recent days.
Investing In Memecoins Is Risky, CZ Binance Warns
The rapid ascent of PEPE raises questions about the sustainability of such growth and the potential risks associated with it. CZ Binance, an influential figure in the crypto industry, has also touched upon this topic following Binance’s announcement to list the memecoins. As with any investment, potential investors should conduct thorough research. After that, they must assess the project’s fundamentals; and most importantly, only invest what they can afford to lose.
The volatile nature of the cryptocurrency market makes it difficult to predict. Not only that, but memecoins are known for their volatility in this space. Out of a very volatile market, memecoins are the most volatile tokens in the cryptocurrency market. Out analysis of the market shows that memecoins are not only extremely volatile but also very easily manipulated and speculative.
The listing of PEPE on Binance and Crypto.com has undoubtedly contributed to its skyrocketing price and market capitalization. However, the future success of PEPE and similar meme coins remains uncertain. Factors such as market sentiment and social media influence both play a role in shaping their trajectories. As the cryptocurrency market continues to evolve, investors should remain vigilant and informed. Despite the risks, investors who got into PEPE early became millionaires. One such case is a guy who invested just $27 21 days ago. Those $27 are now worth over $10,3 million.
While PEPE Skyrockets, Other Memecoins Remain Stable
The hype surrounding PEPE appears to be an isolated case. This is because other memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) have not experienced significant gains lately. Launched in mid-April with a market capitalization of less than a million dollars, PEPE has experienced rapid growth over the past weeks. Pepe has surpassed the $1 billion mark and is trading in CoinMarketCap and CoinGecko and even Twitter.
Only throughout the past day, over 4 million tweets have been tweeted using the #PEPE hashtag. According to CoinGecko, PEPE now ranks as the 42nd largest cryptocurrency. This puts Pepe above serious projects such as MultiversX (EGLD), The Sandbox (SAND), and Stacks (STX).
Nevertheless, Pepe-related tokens are experiencing significant growth. Some of these tokens are PEPEC, PUPU, and Mutant Pepe. There is another Pepe token that allegedly launched back in 2017 with the same exact name. This token, PepeCoin Cryptocurrency, launched back in 2017 with its own blockchain. Because of the current Pepe-craze going on, this token experienced a 300% increase in price in just 3 days.