A new amphibian contender is making waves in the crypto market: PEPE Memecoin. This new entrant is quickly gaining momentum, stealing the spotlight from established meme-based cryptocurrencies like Dogecoin and Shiba Inu. With its sassy mascot and engaged community, PEPE is poised to make its way into the hearts and wallets of crypto enthusiasts everywhere. However, investors are witnessing a spike in bearish sentiment as analysts predict a sharp decline for the token at any time due to the lack of utility and support.
PEPE’s market capitalization has increased dramatically
In just two weeks since its launch, Pepe (PEPE) has made an impact in the crypto world by earning a spot in the top 100 largest cryptocurrencies. With a staggering $582 million market cap, the PEPE token witnessed a 150% gain in the past 24 hours and an impressive 350% gain over the week, as reported by CoinGecko.
As an ERC-20 token, PEPE has a supply of 420.69 trillion tokens and has successfully joined the meme coin bandwagon, which consists of tokens inspired by internet memes and pop culture references.
While several Pepe the Frog NFTs and tokens have been introduced over time, the latest PEPE token has successfully captured the attention of the market and captivated crypto enthusiasts.
According to data from CoinMarketCap, Pepe’s trading volume has risen to $500 million in the past 24 hours and has become the third largest memecoin, outperforming Shiba Inu’s trading volume of $116 million over the same period.
Nansen highlighted PEPE’s remarkable performance as opposed to SHIB, to point that PEPE attracted more than 54,000 holders in just two weeks. Despite the increasing prominence of PEPE, SHIB does not appear to be under threat as the number of holders already exceeds one million. Interestingly, more than 3,350 wallets were found containing both PEPE and SHIB, indicating that some investors are choosing to diversify their investments in meme coins.
What’s in store for PEPE Memecoin?
While PEPE’s stability is still unclear, its trading volume suggests it is attracting investors’ attention. PEPE tokens appear to follow a well-known trend fueled by social media buzz. Nevertheless, it is premature to predict whether it will join the forgotten tokens or continue to set new milestones.
The PEPE coin is growing in popularity among social media users who interact with meme-based cryptocurrencies on a daily basis. In addition, Binance has published an official PEPE buying guide, which the crypto Twitter community sees as a sign that the coin could soon be seen on the exchange.
At the time of writing, the PEPE coin is trading at $0.000001247, up more than 70% in the last 24 hours. According to for a prominent crypto trader, RookieXBT, PEPE could provide tough competition for Bitcoin and Ethereum if it continues this surge over the next three months. To initiate a new wave, PEPE must break above the $0.0000015 resistance level.