Wednesday, February 28, 2024

PEPE memecoin hits $1 billion market cap fueled by Binance listing

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The frog-themed memecoin Pepe (PEPE) surged over 85% within the final 24 hours to surpass a $1 billion market cap three weeks after its launch on April 14, 2023.

PEPE memecoin value breaks $0.000003 on Might 5. Supply: CoinGecko

Paradoxically, the core worth proposition of PEPE is that there isn’t one. The official website for the cryptocurrency contains a disclaimer that describes funding within the token within the following method:

“$PEPE is a meme coin with no intrinsic worth or expectation of monetary return. There is no such thing as a formal group or roadmap. the coin is totally ineffective and for leisure functions solely.”

At the moment, Pepe appears to be treading an identical path to its extra well-known memecoin counterparts Dogecoin (DOGE) and Shiba Inu (SHIB).

In 2021, DOGE surged by over 23,000%, primarily as a result of vocal help for the token espoused by billionaire Elon Musk on Twitter.

Equally, SHIB surged by over 1,250% in the course of the 2021 crypto bull market after utilizing Dogecoin as a springboard for its reputation.

As a result of lack of any underlying fundamentals, funding in memecoins is excessive danger, and they’re infamous for excessive volatility and main swings in worth. A more in-depth take a look at a few of the on-chain exercise from Pepe insiders factors to some regarding trades.

Associated: 3 signs PEPE token is about to trap bulls after 2,000% price rally

Based on knowledge from the blockchain analytics service Lookonchain, 5 addresses allegedly linked to the Pepe group made a $1.23 million revenue in a skinny liquid market. They bought 8.87 trillion PEPE at a low value and offered over 90% of their holdings on Uniswap for a acquire.

PEPE shopping for and promoting schematic. Supply: Lookonchain

It’s value noting that a few of the prime PEPE holders are centralized exchanges. Nonetheless, according to knowledge tracked by analyst “008.eth,”non-exchange PEPE whales have diminished positions not too long ago, hinting at profit-taking that coincided with a value correction on Might 3.

Journal: How to control the AIs and incentivize the humans with crypto