Viral sensation Pepe Token has become one of the hottest cryptocurrencies in circulation in recent weeks, turning small capital investments into mammoth gains.
Pepe Token, a cryptocurrency introduced to the market in April 2017 as a tribute to internet meme Pepe the Frog, gained 1,175% in its opening month, data from CoinMarketCap shows.
PEPE, which appeared as a tradable asset on supporting exchanges on April 17 with an opening price of $0.00000005685, closed the month on April 30 at $0.0000007247. On May 1, the crypto asset rose to an all-time high (ATH) price of $0.000001439.
Pepe Token’s rise down to several factors
Supported by sixteen exchanges, Pepe Token is available on OKX, Uniswap, Gate.io, Huobi Global, BitMart, DigiFinex, Poloniex, MEXC Global, BingX, CoinEx, NovaDAX, BKEX, LBank, CoinW, BTCEX, and Ox Protocol.
Accessibility is a major factor in any crypto-asset’s growth, and the ease with which traders found the asset made it simple for them to pour millions of dollars in liquidity into it. PEPE’s daily trading volume soared by over 1,000% from around $47 million on April 17 to approximately $523 million on the day of its peak on Labor Day.
OKX, which has over 20 million users, topped the charts with more than $100 million in daily volume. It was followed by decentralized exchange (DEX) Uniswap, and others such as Gate.io, Huobi Global, and Bitget.
PEPE is now the third-largest meme coin by market value
The tokenomics of PEPE show that the project has a total and maximum supply of 420.69 trillion and all the tokens are in circulation, per CoinMarketCap.
The token was exchanging hands for $0.000001287 and multiplying it by 420.69 trillion results in about $541 million, which is the project’s market capitalization.
Dogecoin (DOGE) remains the largest meme coin by market value with roughly $10 billion and it’s followed in second place by Shiba Inu (SHIB) with around $6 billion.
With more than $500 million, PEPE has surpassed other popular meme-inspired projects such as Floki Inu (FLOKI), Bone ShibaSwap (BONE), Dogelon Mars (ELON), Baby Dogecoin (BabyDoge), and MonaCoin (MONA).
Does PEPE have a future?
As of the first two weeks of its existence, the project has profited from being widely known for its different types of frogs (sad, feels, angry, smug, and you will never).
Several meme coins have been created over the years to replicate the success of Dogecoin but many of them go extinct within six months.
Only time will tell if PEPE can weather the storm and become a mainstay in a market where the number of cryptocurrencies is on its way to reaching 24,000 before the end of the year.
With that said, Binance, the largest crypto exchange by daily volume, is yet to list the token on its platform. Considering Binance sees at least $1 billion in liquidity daily, the announcement of PEPE/USDT on Changpeng Zhao’s platform could take the token to new heights.
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