Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has surged into the top 50 holders of the meme-based cryptocurrency Pepe (Pepe) less than 24 hours after listing it on their platform.
A tweet from Jason Cline, a cryptocurrency analyst, indicated that an estimated 748 billion Pepe tokens, valued at roughly $1.3 million, had been deposited into Gemini accounts.
The swift uptick in Pepe holdings on Gemini underscores the continuing appeal of meme-based digital currencies, a trend initially sparked by Dogecoin (DOGE) and Shiba Inu (SHIB).
Pepe, a token built on the Ethereum blockchain, was introduced to the cryptocurrency market in April. Capitalizing on the meme trend, Pepe takes its name from the controversial "Pepe the Frog" character.
Godfrey BenjaminThis analysis comes amid the backdrop of large-scale sell-offs of Pepe on Binance, the world's largest crypto exchange, where large holders, or "whales," reportedly cashed in their holdings following the coin's listing.
Despite concerns about the volatile nature of meme-based cryptocurrencies, the market cap for Pepe has soared to over $1.6 billion, according to CoinGecko data. This sudden surge has drawn the attention of many speculators, but the token is already down 56% from its peak.
Godfrey Benjamin
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov