- Binance, which allows users to borrow against PEPE tokens, may have contributed to the increase.
- Daily active addresses reached a 25-day high.
Meme coin Pepe with frog theme [PEPE] witnessed hectic trading activity in the last 24 hours.
It rose almost 20% during US trading hours on November 4, putting behind a shaky start to the day that saw it fall more than 8%. AMBCrypto discovered with help CoinMarketCaps facts.
The wild swings in market value attracted hordes of traders.
Daily trading volume quadrupled from the previous day to more than $438 million, according to data retrieved by AMBCrypto from Santiment.
Source: Santiment
Could this be the catalyst?
While the increase can easily be attributed to market-wide optimism about cryptos, developments specific to PEPE could also play a major role.
The world’s largest crypto exchange Binance [BNB] announced a new promotion for Binance loans, as part of which any token can be borrowed from the exchange while holding PEPE as collateral.
The promotional period would last until the end of the month. The first 800 users to borrow at least 30 Tether [USDT] The equivalent of any token would be eligible for rewards of up to 10 million in PEPE, the blog post said.
Naturally, the lure of rewards has driven investors to accumulate PEPE tokens, causing a spike in the price.
However, not everyone waited for rewards. Few traders initiated profit taking, breaking PEPE’s momentum and sending it sliding lower $0.000001371 as of press time.
But this wasn’t before the network became busier. According to data from Santiment, the number of unique addresses involved in PEPE transfers rose to a 25-day high.
Source: Santiment
PEPE continues to grow despite…
PEPE is a departure from the many dog-themed tokens that have dominated the market. The crypto exploded 10x within days of launch, attracting a swarm of profit-seeking traders.
Interestingly, according to PEPE, it has no intrinsic value or expectation of financial return official site.
Read PEPE’s price forecast 2023-24
However, it continues to outperform meme coins like Floki [FLOKI] in market value that demonstrably have more to offer usefulness in the real world.
According to CoinMarketCapPEPE was the third largest memecoin, with a market cap of over $566 million, 58% higher than the second best FLOKI.