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Robinhood's DOGE Stash Unfazed by PEPE Crazy Surge

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Sat, 6/05/2023 - 20:00
Robinhood's DOGE Stash Unfazed by PEPE Crazy Surge
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@DogeWhaleAlert crypto tracking account has shared that Robinhood customers continue to hold on to their DOGE tight and are not selling regardless of the recent sudden success of a new meme coin PEPE.

Unlike the previous generation of meme cryptocurrencies, PEPE was inspired not by Shiba Inu dogs and memes based on them but memes about Pepe the Frog.

The amount of Dogecoin held in Robinhood's wallets on behalf of its customers now stands at 33,562,118,525 DOGE. That is $2,642,446,278 in the USD equivalent and constitutes 24.11% of all Dogecoin supply in circulation.

PEPE becoming crazy popular

Pepe is a meme coin that was issued in April by an anonymous team of developers and has no utility. However, it has gained immense popularity recently as it has been listed on many crypto exchanges, including Huobi and OKX.

On Friday, Binance exchange announced that it would be adding PEPE and FLOKI to its Innovation Zone, a section where new promising coins are added. SHIB was recently moved by Binance from there to a regular trading platform.

However, after the listing was announced, Binance suddenly suspended PEPE and FLOKI deposits due to a technical glitch. Operations were restored a few hours later.

PEPE catching up with SHIB

Over the past week, PEPE has been showing astounding price surges of 51% and even higher. At the time of this writing, the Frog-themed meme coin is changing hands at $0.000002966, according to data provided by CoinMarketCap.

This makes Pepe a more expensive meme coin than Shiba Inu, the second biggest canine crypto in terms of market cap after Dogecoin. SHIB is trading at $0.000009656, ranked 15th, while PEPE already ranks 42nd on CoinMarketCap.

Related

Whales going after PEPE, selling SHIB and NFTs

Whales and "Smart Money" wallets have been breaking their necks to buy the new trendy coin. As reported by U.Today on Friday, a "Smart Money" whale, who bought several hundred SHIB in 2021 for merely $224,000 and earned $3.84 million on that deal, rushed to exchange 6 billion Shiba Inu for 325 billion PEPE.

Earlier today, cryptocurrency influencer David Gokhshtein, a vocal supporter of meme crypto like DOGE, SHIB, FLOKI and now also PEPE, tweeted that many people are dumping their NFTs at low prices in order to grab PEPE.

He noted that this provides an opportunity to get some high-quality blue chip NFTs pretty cheaply.

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