In a remarkable surge, the meme-inspired cryptocurrency Pepe (PEPE) has seen its market cap rocket towards the $1 billion mark, according to data from CoinGecko.
The meme coin is up another 78% over the last 24 hours. Pepe's 24-hour trading volume has now exceeded a whopping $610 million.
The digital currency, linked with the well-known internet meme character Pepe the Frog, has positioned itself as a formidable competitor in the meme coin arena, even rivaling the likes of Shiba Inu (SHIB).
The sudden rise in Pepe's market cap and trading volume may be attributed to its recent listing on BitMEX, one of the major cryptocurrency exchanges. The listing allows users to trade Pepe against the US dollar and Tether with up to 50x leverage.
This development follows the digital asset's recent surge in popularity, which saw its 24-hour trading volume surpass that of the long-standing Dogecoin (DOGE). Pepe is also available on other significant exchanges such as OKX, MEXC Global, Huobi, and Gate.io.
Yuri MolchanAs reported by U.Today, one notable investor dubbed 'SmartMoney' has reaped significant gains from the meme coin, alongside Shiba Inu, underscoring the speculative nature of this digital asset.
While the soaring market cap and trading volume of Pepe signal the potential for significant returns, they also raise concerns about market manipulation. It's important for investors to exercise caution and due diligence when investing in these highly volatile, meme-inspired cryptocurrencies.
The meteoric rise of Pepe, while remarkable, further underlines the unpredictable and speculative nature of the cryptocurrency market.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov