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- 1 The memecoin rallied over several days, entering the top 100 club.
- 2 PEPE token price soared over 100% in less than a day.
- 3 Prominent exchanges have listed the token amid the hype.
Is the Ethereum blockchain ready to see yet another memecoin revolution with the emergence of the Pepe (PEPE) token? This could be the case if the digital asset, which continued to rally since its inception in mid-April, goes on to follow its insane price surge. Given the recent update, PEPE coin entered the list of the top hundred cryptocurrencies in terms of market capitalization over CoinGecko’s platform.
The ERC-20 token claimed a circulation supply of a whopping 420.69 trillion tokens. It was launched just about a couple of weeks ago, and initially, the trading price was 0.000000001 USD, according to CoinGecko data. Now the data shows the memecoin has gained a market capitalization of about 568 million USD.
PEPE token is not the first attempt in the space, as the namesake non-fungible tokens and digital assets already exist. However, the recently released tokens were among the most successful ventures. PEPE token price rose by thousands of percent in the last several days. Earlier the day, for instance, the coin reportedly popped up more than 110% in just 24 hours and grew more than 300% within a week.
Seeking growth and popularity, crypto exchanges like OKX, Huobi, Bitget, MEXC Global, and several others reported listing PEPE coins on their platforms. OKX announced the Pepe (PEPE) listing on May 1 and with withdrawals opening on May 2. The instance also made the PEPE token price surge more than 50% in a day.
The available data about the project on CoinMarketCap suggested that anonymous developers created Pepe tokens on the Ethereum blockchain. It added the motive of the community was to pay a “tribute to the Pepe the Frog internet meme” along with taking advantage of the memecoins popularity.
Along with this, the DeFi volumes of Pepe tokens also surged in the last several days. On April 15, the overall volume of the token was around 2.99 million USD in a pool over Uniswap, while it rose to more than 240 million USD across liquidity pools and exchanges.
Pepe token is yet another memecoin project that made its place in quite a short span and gained popularity. Current leading tokens in the market, Dogecoin (DOGE) and Shiba Inu (SHIB), share similar experiences of their journey where their prices skyrocketed.
Dogecoin price jumped more than 23,000% in 2021 after receiving support from Tesla and SpaceX CEO Elon Musk. In addition, Shiba Inu surged over 1,250% during the bull run in the same year following memecoins gaining popularity.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
