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PEPE memecoin’s market cap crosses $1 billion

PEPE memecoin's market cap crosses $1 billion

The value of the recently introduced memecoin with a frog theme has escalated by over 4,000% ever since it was launched on April 14.

Three weeks after its introduction on April 14, 2023, PEPE’s market cap has surpassed $1 billion, thanks to an increase of more than 85 percent in the past twenty-four hours.

PEPE memecoin's market cap crosses $1 billion

Interestingly, PEPE’s main point of value is that it doesn’t have one. On the main website for the cryptocurrency, there is a disclaimer that says the following about investing in the token:

“$PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. the coin is completely useless and for entertainment purposes only.”

Pepe seems to be following the same road as Dogecoin and Shiba, which are more well-known memecoins.

Due to the absence of underlying fundamentals, investing in memecoins carries a high degree of risk, and they are notorious for their extreme volatility and large price fluctuations. A closer examination of some of the on-chain activity of Pepe insiders reveals some suspicious transactions.

The blockchain analytics service Lookonchain says that five addresses related to the Pepe team made $1.23 million in a market with little liquidity. They bought 8.87 trillion PEPE at a low price and made a profit by selling more than 90% of it on Uniswap.

PEPE memecoin's market cap crosses $1 billion

Notably, some of the leading PEPE holders are centralized exchanges. Nevertheless, according to data monitored by analyst “008.eth,” non-exchange PEPE whales have recently reduced their positions, indicating profit-taking that coincided with a price correction on May 3.

Content Source: cointelegraph.com

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Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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