PEPE Memecoin Hits $1 Billion Market Cap Fueled by Binance Listing
Pepe (PEPE), a meme coin launched on April 14, 2023, has surged over 85% in the last 24 hours and surpassed a market cap of $1 billion. However, the token's official website states that it has no intrinsic value or expectation of financial return, and that it is completely useless and for entertainment purposes only. Pepe is similar to other memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB), which experienced massive surges in value in 2021 despite their lack of underlying fundamentals. Investment in memecoins is considered high-risk due to their extreme volatility and major swings in value. On-chain activity from Pepe insiders has raised concerns, with five addresses allegedly linked to the Pepe team making a $1.23 million profit by purchasing PEPE at a low price and selling over 90% of their holdings on Uniswap for a gain.
Binance Will List FLOKI and PEPE in the Innovation Zone
May 5 (Cointime) - Binance has announced that it will list FLOKI and PEPE in its Innovation Zone and open trading for these spot trading pairs on May 5 at 16:00 UTC. The new spot trading pairs are FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, and PEPE/TUSD, and users can start depositing FLOKI and PEPE in preparation for trading. Withdrawals for FLOKI and PEPE will open on May 6 at 16:00 UTC. Binance will not charge a listing fee for FLOKI and PEPE. Additionally, Binance will add FLOKI and PEPE as new borrowable assets with these new margin pairs on Isolated Margin within 48 hours of May 5 at 16:00 UTC, with new Isolated Margin pairs of FLOKI/USDT and PEPE/USDT.
Pepe Climbs to New ATH As Market Cap Approaches $1B
Pepe, an Ethereum-based memecoin, has rallied to a new all-time high of $0.000002322, increasing by more than 50% in the last 24 hours. The memecoin's market cap reached as high as $931 million before retracing to its current level of $864.54 million. Pepe is ranked as the 61st largest crypto asset by market cap, above several significant crypto assets like Terra Classic (LUNC), Huobi Token (HT), BitTorrent (BTT), MakerDAO (MKR), and others. Pepe's trading volume in the last 24 hours surpassed that of Dogecoin and Shiba Inu, standing at $647 million. The massive hype and strong community support have been the primary reason for its performance, coupled with the existing popularity of the Pepe frog meme.
Pepe Coin Shorters Lose Millions as PEPE Jumps to $900M Valuation
Pepe coin (PEPE) has experienced a significant price increase of 500% in the past two weeks, despite negative funding rates in perpetual futures tied to the token indicating bearish positions in the derivatives market. The price bump has led to significant losses for traders holding short positions against Pepe, with shorts against Pepe losing at least $11 million on several exchanges over the past 24 hours. Pepe losses were third to only bitcoin (BTC) and ether (ETH) futures liquidations, which usually rack up the highest futures losses. Large liquidations can signal the local top or bottom of a steep price move, allowing traders to position themselves accordingly. (Coindesk)
Meme Coin Trader Strikes Gold With Staggering 38,675% Profit On $PEPE Investment
A cryptocurrency trader with a penchant for meme coins has managed to reap an astounding 38,675% profit on a new contender in the meme coin arena, rivaling the likes of Dogecoin ($DOGE) and Shiba Inu ($SHIB), according to data from the blockchain.
Ethereum Transaction Fees Hit May 2022 Highs
On May 2, the median average transaction fee on the Ethereum network soared to around 87 gwei, according to Dune Analytics. This spike was mainly attributed to the increased on-chain activity surrounding memecoin trading.
From $27 to $4M: Pepe Wallet Unable To Sell Unstoppable Rally
A Pepe wallet that holds 2.5 trillion tokens turned $27 into over $4 million. This rounds out to roughly 0.59% of the max supply.
PEPE Jumps 75%, Setting New All-Time High as Meme Coins Soar
Pepe Coin, a meme-based cryptocurrency, has seen a surge in value, reaching a new all-time high. According to the article, Pepe Coin's price has increased by over 900% in the past week, making it one of the most notable gainers in the crypto market.
Funding Rates in the $500M Market Cap PEPE Token Remain Negative
PEPE, a new meme coin, has seen its market capitalization surge to over $500 million in just over two weeks since launch. However, funding rates in perpetual futures tied to the token remain negative, indicating the dominance of bearish positions in the derivatives market. A negative funding rate suggests that most traders expect prices to drop, and this could be due to outright bearish speculation or hedging activity. As small-cap meme tokens like PEPE tend to be more volatile than market leaders such as Bitcoin and Ethereum, they can fluctuate greatly in a short amount of time, leading to negative funding rates. While the funding rates reflect the bearish market sentiment, they also indicate scope for a short squeeze, which could trigger a rally if there is a mass unwinding of bearish short positions. According to data tracking platform Laevitas, PEPE's recent rally may have been partly driven by a short squeeze.
PEPE Memecoin Liquidity Pool Becomes Most Active on Uniswap
Uniswap’s V2 and V3 liquidity pools for PEPE-WETH have been the most active liquidity pool contracts by number of transactions in the past seven days with more than 82,750 and 72,950 transactions, respectively, according to Nansen data.
