The newly released PEPE cryptocurrency has made a significant impact in the market, with a market capitalization of $582 million, making it one of the top 100 biggest cryptocurrencies available.
According to CoinGecko, the PEPE token has gone up 111% in the last 24 hours and 304% in the last week. With a market capitalization of $540 million, the newly-launched meme coin PEPE has shook the cryptocurrency market.
PEPE is an ERC-20 token with a maximum limit of 420.69 trillion tokens. It belongs to a group of meme coins, which are based on internet memes and popular culture references.
While there have been various non-fungible tokens and tokens of Pepe the Frog in the past, the latest PEPE token has attracted significant attention in the market.
One investor even turned $250 in PEPE into $1.02 million in a matter of days. On April 15, they purchased the token by exchanging 0.125 Ethereum for 5.9 trillion PEPE tokens.
The wager grew to a million dollars as the price of PEPE increased by approximately 40,7900% in four days; the wallet currently contains 3.9 trillion coins worth approximately $5,3 million.
On April 15, the coin began trading at a price of approximately $0.000000001. The token was last traded at $0.00000137, according to data from CoinGecko.
PEPE has taken the cryptocurrency world by storm, with its popularity skyrocketing in tandem with a surge in Google searches. The search term “pepecoin” has experienced a remarkable surge on Google Trends, soaring from a score of 3 to 100 within the span of a single week – between April 9 and April 16.
The score reflects a keyword’s popularity in Google Search over a specified time period. The metric ranges from 0 to 100, with 100 representing the peak search volume for a particular keyword.
The listing of PEPE coin on multiple cryptocurrency exchanges, such as OKX, Huobi, Gate.io , and MEXC, is a further factor that could affect the price of this cryptocurrency.
Additionally, DeFi volumes for PEPE have risen. From $2.99 million on April 15 in a Uniswap PEPE/WETH pool to over $240 million with multiple liquidity pools and centralized exchange listings, the token’s trading volume skyrocketed.
Nansen’s Ethereum data dashboard shows that around $1 million worth of PEPE tokens were bought in the last week by more than 30 “smart money” wallets. The “smart wallets” category is made up of very big and active traders.
Content Source: decrypt.com