Pepe (PEPE), a cryptocurrency inspired by memes, has experienced an astonishing surge as its market capitalization approaches the $1 billion milestone. According to CoinMarketCap, Pepe’s current market cap has risen to approximately $830 million, with the meme coin gaining an additional 50% run over the past 24 hours. Furthermore, Pepe’s trading volume has surpassed an impressive $752 million in the same timeframe.
Pepe the Frog, a renowned internet meme character, has become a serious contender in the meme coin market and is now giving popular cryptocurrencies such as Shiba Inu (SHIB) a run for their money. Pepe’s remarkable surge in market cap and trading volume is largely attributed to its recent listing on BitMEX, one of the major cryptocurrency exchanges. The listing enables users to trade Pepe against the US dollar and Tether (USDT) with leverage of up to 50x, providing Pepe with greater market exposure and facilitating the coin’s explosive growth.
Attracting More Crypto Traders
The recent listing of Pepe on BitMEX comes in the wake of the digital asset’s soaring popularity, with its 24-hour trading volume surpassing even the well-established Dogecoin (DOGE). Additionally, Pepe is currently available on other major exchanges including OKX, MEXC Global, Huobi, and Gate.io. The listing of Pepe on prominent crypto exchanges not only confirms the credibility of the asset but could also draw in more traders due to its increased accessibility.
Although Pepe has experienced a 50% uptrend in value in the last 24 hours, it is worth noting that the asset is primarily utilized for speculative purposes. As per reports, an investor known as ‘SmartMoney’ has made substantial profits from investing in the meme coin as well as Shiba Inu, highlighting the speculative aspect of these digital assets.
Pepe’s surge in market capitalization and trading volume may indicate the potential for substantial returns; however, there are concerns about market manipulation. As such, investors are advised to exercise caution and conduct thorough research before investing in these highly volatile meme-based cryptocurrencies. The astronomical rise of Pepe serves as a reminder of the unpredictable and speculative nature of the cryptocurrency market.
