Pepe the memecoin has been all the rage in recent days after the price skyrocketed more than 250% in the last week. At the same time, pepe's market capitalization surged to $582 million on Tuesday before whipsawing to $397 million on Wednesday. 

According to CoinGecko’s report today, Shiba Inu is the most popular meme coin in the United States, representing 60.78% of the country’s interest in meme-based cryptocurrencies beating PEPE, which garnered 11.8% in the US.

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OKX, a significant cryptocurrency exchange, has revealed that it will add Pepe (PEPE) to its spot trading markets. The announcement was made on May 1, and the trading and withdrawal plan has been released.

The largest holder of the pepe coin (PEPE) is holding more than $1 million worth of the token, causing concentration risks in the short-term future of the memecoin. Concerns have been raised about the behavior of investors who bought relatively large amounts of pepe after its issuance on Ethereum, turning about $1,200 of initial capital to over $9 million in just a few days. The frenzy surrounding the frog-themed token last week sent market capitalization of a few thousand dollars to over $150 million and created massive hype, attracting liquidity from traders and spurring scores of look-alike tokens on other blockchains. However, exit liquidity remains a concern, and a sudden sale by a top holder is likely to immediately drive prices down. The wallet holding the largest amount of pepe is sitting on over $1.1 million worth of the tokens after acquiring them for a few hundred dollars worth of ether. While other top holders may have spread their holdings across several wallets, almost 3% of pepe holdings are connected to each other, accounting for $3.78 million worth of the tokens, causing a major risk for the market and holders. PEPE trades at $0.000000233615 at writing time on Tuesday, down 22% in the past 24 hours.

Liquidity concerns arise due to the massive number of tokens held by some investors and large wallets allegedly controlled by the PEPE token founders that could drain liquidity.

Pepe, a meme cryptocurrency, recently experienced a 7,500x increase in value over a few days, followed by a 60% correction, causing panic among investors and rumors of a developer rug pull. However, the token's price recovered by 40%. Pepe's recent price movements have generated significant interest, but it remains a highly speculative and potentially hazardous investment due to the developer's exclusive ability to blacklist wallets and manipulate the token's supply, raising concerns about centralization and potential exploitation. The distribution of Pepe's supply among select wallets also increases the risk of market manipulation and volatility. Potential investors must exercise caution and conduct thorough research before investing in such assets. The rapid rise and fall of Pepe highlights the unpredictable nature of meme tokens, and investors should carefully consider the potential risks and rewards before making investment decisions.

April 23 (Cointime) - Jeff Huang, aka 'Machi Big Brother', a Taiwanese-American musician and tech entrepreneur based out of Taiwan, denied being the founder of Nakamigos or the $PEPE token, stating that the project was actually started by Beeple or Yuga Labs.

A new meme coin named after the infamous Pepe the Frog cartoon character has entered the cryptocurrency market, with a market capitalization of just over $130 million. Pepe (PEPE) has become the sixth-largest meme coin asset in terms of market capitalization.

PeckShieldAlert, a leading blockchain security company, has warned about a phishing site and a fake Twitter account related to the newly emerged Pepe (PEPE) meme coin. The Twitter account (@pepecoineth_) is fraudulent, and the link, "pepecoin. vip," is a phishing website.