A new amphibian contender is making waves in the crypto market: PEPE Memecoin. This fresh entrant is quickly gaining momentum, stealing the spotlight from established meme-based cryptocurrencies like Dogecoin and Shiba Inu. With its cheeky mascot and engaged community, PEPE is primed to leapfrog its way into the hearts and wallets of crypto enthusiasts everywhere. However, investors are witnessing a spike in bearish sentiment as analysts predict a sharp fall for the token anytime due to no utility and support.
PEPE’s Market Capitalization Increased Dramatically
In just a fortnight since its launch, Pepe (PEPE) has made a splash in the crypto world by securing a spot among the top 100 largest cryptocurrencies. With a staggering market capitalization of $582 million, the PEPE token witnessed a 150% surge in the last 24 hours and an impressive 350% increase over the week, as reported by CoinGecko.
As an ERC-20 token, PEPE boasts a supply of 420.69 trillion tokens and has successfully joined the meme coin bandwagon, which comprises tokens inspired by internet memes and pop culture references.
Although various Pepe the Frog NFTs and tokens have been introduced over time, the latest PEPE token has successfully grabbed the market’s attention and captivated crypto enthusiasts.
According to data from CoinMarketCap, Pepe’s trading volume in the last 24 hours has soared to $500 million and become the third largest memecoin, outperforming Shiba Inu’s trading volume of $116 million during the same period.
Nansen emphasized PEPE’s remarkable performance in contrast to SHIB, pointing out that PEPE has attracted over 54,000 holders within just two weeks. Despite PEPE’s rising fame, SHIB doesn’t appear to be threatened, as its holder count has already exceeded one million. Interestingly, more than 3,350 wallets were found to hold both PEPE and SHIB, indicating that some investors are choosing to diversify their meme coin investments.
What Lies Ahead For PEPE Memecoin?
While PEPE’s stability is still unclear, the trading volume suggests it is attracting investors’ attention. PEPE tokens seem to follow a familiar trend fueled by social media buzz. Nonetheless, it is premature to predict if it will join the ranks of forgotten tokens or continue to set new milestones.
The PEPE coin is increasingly popular among social media users who interact daily with meme-based cryptocurrencies. Furthermore, Binance has published an official PEPE purchase guide, which the crypto Twitter community perceives as a sign that the coin could soon be featured on the exchange.
As of writing, the PEPE coin trades at $0.000001247, gaining over 70% in the last 24 hours. According to a prominent crypto trader, RookieXBT, PEPE can give tough competition to Bitcoin and Ethereum if it maintains this surge for the next three months. To initiate another wave, PEPE needs to break above the $0.0000015 resistance level.