Recently, Pepe Coin (PEPE) has been one of the top performers in the cryptocurrency sector, with a surge of over 900% in the last seven days. In addition, its market capitalization has risen above $1 billion, with another 60% increase in the last 24 hours.
However, the buzz surrounding this coin seems to be an isolated case as other meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have not seen significant gains recently.
- PEPE’s remarkable performance continues and has spiked by 60% on a daily scale yet again.
- PEPE originally had a market capitalization of less than a million dollars when it launched in mid-April but saw a surge in the past month, surpassing the coveted $1 trillion mark on both CoinGecko and CoinMarketCap today.
- According to CoinGecko, PEPE is now the 45th largest digital asset, surpassing well-known cryptocurrencies like EOS, Stacks (STX), and others.
- The rapid price increase has negatively affected traders who bet on PEPE’s decline. Coinglass revealed that the number of leverages short PEPE traders has skyrocketed, and the total amount lost is over $10 million on a daily scale.
- On-chain data suggests that more than 5,300 ETH (worth over $10 million) have been burnt in the past three weeks from PEPE traders on Uniswap alone.
I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics
PEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks 🤯
1/🧵 pic.twitter.com/9lZxGGjtT5
— Alex (@thiccythot_) May 5, 2023
- In another major development, Binance, the world’s largest crypto exchange, announced that it would list PEPE and Floki Inu on its innovation zone, which could have been the main reason for the latest surge.
- The excitement surrounding PEPE should not be connected to a broader interest in meme coins. DOGE, SHIB, FLOKI, and many others have either remained stagnant in recent days or seen slight price drops.
