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.
PEPEUSD Weekly. Source: CoinGecko
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
— 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.
The post PEPE’s Market Cap Soars Above $1 Billion Following Binance Listing appeared first on CryptoPotato.
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