PEPE Coins Trading Volumes Cross $2.7 Billion, Second After BTC

Memecoin PEPE is among the latest to drive a massive frenzy among crypto investors with a massive price rally over the last week. Over the last 24 hours, PEPE is trading at 50% gains trading at $0.000003097 with its market cap shooting to $1.2 billion.

As per the data from CoinMarketCap, the spot trading volume of PEPE Coin in the last 24 hours has crossed which is the largest after public cryptocurrencies alike Bitcoin and Ethereum, barring stablecoins like USDT and USDC.

If we look at the exchange breakup, the crypto exchange OKX contributed the largest trading volume of $650 million. The futures trading volume has been largely concentrated on Binance, while the trading volume in the last 24 hours is $1.4b, second only to BTC and ETH.

As we reported yesterday, crypto exchange Binance plans to list PEPE Coin in the innovation zone and start spot trading from May 5. This would be a massive influx of liquidity into PEPE and could drive further price rallies for the crypto asset.

$8 Million Worth of PEPE Coins Locked

Crypto enthusiasts @0xCygaar recently shares some fun facts about PEPE’s contract code, noting that nearly $8 million worth of coins have been locked forever.

Here are some fun facts about $PEPE‘s contract code, including the curious case of $8M worth of coins that are locked up forever 😳: pic.twitter.com/iEiXOFcaZE

— cygaar (@0xCygaar) May 5, 2023

The contract address 0xAf2358e98683265cBd3a48509123d390dDf54534 has been blocked by the PEPE deployer, and this address owns a total of 2519324010963 tokens worth a staggering $8 million USD as of the current price. However, these coins have been locked forever. The crypto enthusiast, @0xCygaar explains:

The blacklisted address purchased $PEPE within a couple hours of the Uniswap pair being launched. They were blacklisted by the PEPE deployed 8 minutes after purchasing the tokens. No other address has been blacklisted.

These blacklisted addresses can never be modified since the ownership of the contract has been renounced. 0xCygaar further explains: “There was once a minimum and maximum token amount that an address needed to follow before it could purchase from the Uniswap pair. This threshold was removed right before the deployer renounced ownership”.

Although there’s a burn functionality available in the contract, there’s no further minting functionality available.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.