The meme-inspired cryptocurrency Pepecoin (PEPE) has skyrocketed to a $1 billion market capitalization, just one month after its debut. According to data from CoinGecko, the token has surged by 70% over the past 24 hours, reaching an all-time high.
This rally has also triggered a surge in trading activity for other meme-based tokens on decentralized exchanges, as reported by IntoTheBlock.
PEPE’s soaring market cap has been accompanied by an increase in the value of other meme tokens. For example, WOJAK and PEEPO have both experienced staggering growth of over 600% in just one week.
However, more established meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have not seen the same price movement, both trading in the red for the week.
PEPE Binance Listing Fuels Growth
Binance, the world’s largest crypto exchange by volume, recently listed PEPE and Floki Inu (FLOKI) in its “innovation zone,” where traders must answer two questions regarding potential losses before gaining access.
Since being listed, FLOKI has soared by 57% and PEPE has risen by 77%, pushing the frog-inspired token’s market capitalization past the $1 billion mark. Both coins are still trading at less than a penny as of press time.
Despite the excitement around the listing, Binance issued a warning to prospective traders about the meme token’s potential risks.
The exchange’s listing note stated that PEPE currently has no token utility or value support mechanism, and that insiders or team members were able to buy 7% of the total token supply minutes after the Token Generation Event (TGE).
Over the past week, the memecoin has experienced a staggering 1,000% increase in value, according to Coingecko. Now ranked as the 45th largest cryptocurrency by market capitalization, the new memecoin has overtaken Fantom’s native FTM token and The Sandbox’s SAND token.
The token’s market cap surge followed Binance’s decision to list it for trading.
A New Meme Coin Sensation
PEPE, a meme coin launched less than three weeks ago, has already made headlines by quickly amassing a multi-million-dollar market cap and generating numerous success stories of people making hundreds of thousands of dollars on its back.
Now, this new meme coin is traded on all major exchanges, including Binance, and has achieved a market cap of over $1 billion.
As PEPE continues to gain momentum, it remains to be seen whether it will challenge established meme tokens like SHIB and DOGE.
One thing is clear: anything can happen in the cryptocurrency market, and it will be fascinating to see how the situation unfolds in the coming days.
With a market cap now exceeding $1 billion, PEPE has undoubtedly captured the crypto industry’s attention and could potentially climb even higher.
Source: https://www.cryptopolitan.com/pepe-hits-1b-market-cap-as-hype-continues/