Pepe Coin (PEPE) has been one of the best performers in the crypto sector lately, with its price surging by over 900% for the past seven days. It marked another 60% increase during the last 24 hours, while its market capitalization skyrocketed to above $1 billion.
The hype around the coin seems to be an isolated case since other memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have not recorded any significant gains recently.
- The remarkable performance of PEPE continues at full steam after the token’s valuation has spiked by 60% on a daily scale again.
- The asset, which had a market capitalization of less than a million dollars at the time of its launch in mid-April, went on a tear in the past month. As a result, the metric exceeded the coveted $1 trillion mark on both CoinGecko and CoinMarketCap today.
- According to CoinGecko, PEPE is currently the 45th largest digital asset, surpassing well-known cryptocurrencies, including 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 above $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
- Another major news came from the world’s largest crypto exchange – Binance. The CZ-spearheaded company said it will list PEPE as well as Floki Inu in its innovation zone, which could have been the main reason behind the latest surge.
- The craze generated around PEPE should not be widely connected to a rising interest in the memecoin realm. DOGE, SHIB, FLOKI, and many others have either been flat in the past few days or have even marked slight price drops.
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In a surprising turn of events, PEPE, a digital asset management platform, has seen its market cap soar above $1billion following its listing on the renowned Binance cryptocurrency exchange.
PEPE’s lofty market cap, which marks a significant increase from the platform’s initial $2 million valuation in 2019, comes as the latest in a series of milestones achieved by the company, particularly in the past 12 months.
The listing on Binance has generated considerable hype and attention to PEPE. The platform, which is barely two years old and was founded by the Ripple executive Emi Kirschner, is now one of the largest players in the digital asset management space.
The soaring market cap on PEPE reflects the confidence investors have in the platform. After raising a $3.75 million seed round in 2020, PEPE has had a meteoric rise within the cryptocurrency market and developed a reputation for delivering rapid growth.
As investors have become increasingly involved in digital asset management, PEPE has responded to their demands, introducing more features to the platform such as its tokenized asset offering. The platform also offers liquidity to its users, allowing them to quickly and easily move their digital assets.
The large hike in market cap on PEPE is only expected to attract further attention and investments in the digital asset management space. With plans to launch a suite of new features and services in the near future, many investors see PEPE as a way to gain exposure to the exciting world of digital asset management.
PEPE’s listing on Binance and subsequent market cap rise is a sign of the times and highlights the ever-evolving nature of the digital asset management space. As more investors look to tap into the world of digital asset management, platforms like PEPE will be on the front lines, offering access to real-time insights and exciting functionalities.
