The incredible rise of Pepecoin turned a payout into a profit of nearly 5,000,000% Meme Coin. It marked another 80% gain in the past 24 hours, while its market cap skyrocketed above $1.4 billion in just a few weeks of its launch.
PEPE’s Market capitalization. Source: CoinMaketCap
Pepe holders rejoice when major exchanges announce controversial memecoin listings. On Friday, May 5, Binance announced that it would be listing the popular meme coins Pepe (PEPE) and Floki Inu (FLOKI). Binance has added PEPE to its Innovation area with PEPE/USDT and PEPE/TUSD spot trading pairs. Shortly after Binance’s announcement, rival exchange KuCoin also listed the Pepe token, and KuCoin has introduced the PEPE/USDT trading pair.
#Binance will list @pepecoineth $PEPE and @RealFlokiInu $FLOKI in the innovation zone.
➡️ https://t.co/yxcINj0whc pic.twitter.com/o4UTvWZkHj
— Binance (@binance) May 5, 2023
📢 You asked for it, and we did it! 🐸@pepecoineth $PEPE gets listed on #KuCoin!
💎Pair: PEPE/USDT
💎Deposit: now open (network: ERC20)
💎Trading: TBA#meme #memecoin— KuCoin (@kucoincom) May 5, 2023
The listing then increased trading activity, with PepeCoin’s daily trading volume reaching 284.24%. This increased the price of the token, by a staggering 132% on the same day. This causes both exchanges to warn users to be cautious about the risks.
The rapid price increase has negatively affected traders who bet on a drop in PEPE. Coinglass revealed that the number of traders selling PEPE using leverage has skyrocketed, and the total loss is over $10 million on a daily scale.
Another big problem for the Pepe token is the possibility of a copyright dispute because Pepe the Frog has a creator and an owner. The creator of Pepe has successfully targeted blockchain projects using Pepe with legal action.
However, the amazingly rapid rise of this memecoin is creating enormous fortunes for those who are undaunted by warnings that this is a fad that will end badly.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
