Pepe Cryptocurrency Skyrockets to Near $1 Billion Market Cap
Meme-based cryptocurrency Pepe (PEPE) has experienced a rapid ascent, nearing a $1 billion market cap, fueled by its recent listing on major exchanges, but remains a highly volatile and speculative asset.
In a striking development, meme-based cryptocurrency Pepe (PEPE) has witnessed a rapid ascent, with its market cap nearing the $1 billion milestone, as per Coinpaprika data. The meme coin has surged by 78% within 24 hours, with a trading volume exceeding $610 million. Pepe the Frog, an iconic internet meme character, is the inspiration behind the digital currency, which has emerged as a strong contender in the meme coin sphere, even challenging Shiba Inu (SHIB).
Pepe's market cap and trading volume surge can be linked to its recent listing on BitMEX, a major crypto exchange, where users can trade Pepe against the US dollar and Tether with up to 50x leverage. The listing followed the asset's growing popularity, as its trading volume overtook Dogecoin (DOGE). Pepe is also listed on prominent exchanges like OKX, MEXC Global, Huobi, and Gate-io
The listing on BitMEX and other top exchanges validates Pepe and potentially draws more traders. However, Pepe remains a speculative asset, with a 15% drop in the past 24 hours. U-Today reported that a notable investor called 'SmartMoney' made significant profits from Pepe and Shiba Inu, highlighting the speculative nature of such assets. The soaring market cap and trading volume of Pepe present potential returns but also pose concerns about market manipulation. Investors should exercise caution when investing in these highly volatile, meme-inspired cryptocurrencies.
Pepe's dramatic rise highlights the unpredictable and speculative nature of the crypto market.
