PEPE coin is making a huge wave in the world of cryptocurrency, soaring by 111% overnight and entering the top 100 cryptocurrencies in terms of market capitalization. The meme coin has quickly gained popularity and now boasts a market cap of $540 million.
In just two weeks since its launch, PEPE has made an impressive entry into the top 100 largest cryptocurrencies with a market capitalization of $582 million. The ERC-20 token has soared 111% during the weekend and is up by an astonishing 304% over the week. With a supply of 420.69 trillion tokens, PEPE is among the popular meme coins that are based on internet memes and cultural references.
Furthermore, a single investor reportedly turned $250 into over $1 million by investing in PEPE in just a few days. The investor exchanged 0.125 Ethereum for 5.9 trillion PEPE tokens on April 15. In four days, the token saw a massive 40,7900% increase. This allows the investor’s wallet to balloon to $1.02 million. The token, which was trading at around $0.000000001 on its launch date, is currently trading at $0.00000137.
Why is PEPE Coin Doing so Well?
Public support for the meme was one of the biggest reasons for PEPE’s growth. In fact, it outdid many meme coins that appear on the market. Furthermore, PEPE coin’s recent listing on multiple cryptocurrency exchanges, including MEXC, Huobi, Gate.io, and OKX, may potentially drive its price up.
Additionally, volumes in the DeFi sector for PEPE have surged. It increases from $2.99 million on April 15 to over $240 million via multiple liquidity pools and centralized exchange listings. According to Nansen’s Ethereum analytics dashboard, over 30 “smart money” wallets, consisting of large and active traders purchased around $1 million worth of PEPE tokens in the last week.
Pepe Coin is the shining new toy for the ever-growing crypto market. Will it lose its momentum soon? Or will there be a public figure that safeguards it just like Dogecoin? Only time will tell.
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