On May 1, OKX, a leading cryptocurrency exchange, announced its decision to list Pepe (PEPE), a memecoin inspired by the popular internet meme, Pepe the Frog, on its platform. OKX also stated that Pepe withdrawals would be open from May 2 at 17:00 HKT. In their statement, OKX staff explained that Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. What started as a meme has now transformed into a cryptocurrency frenzy with several exchanges including MEXC Global, Bitget, Gate.io and Huobi listing Pepe trading pairs two weeks prior to OKX.
The Pepe Token: Ethereum-based Cryptocurrency
Pepe is an Ethereum-based cryptocurrency developed anonymously as a tribute to the internet meme. The aim of creating Pepe was to capitalize on the popularity of memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE). In 2021, DOGE surged by over 23,000% and SHIB surged by over 1,250% during the cryptocurrency bull market, partly due to American business magnate Elon Musk’s vocal support on social media.
High Risks and Volatility in Cryptocurrency Investments
Pepe has returned a staggering 2,340% since April 17, and its price surged over 50% in the past 24 hours following news of the OKX listing. However, OKX staff warned investors to have a full understanding of digital assets and to make investment decisions prudently due to the high price fluctuations and risks associated with innovative investment products like cryptocurrencies.
In conclusion, the recent frenzy surrounding Pepe demonstrates the growing popularity and acceptance of memecoins in the cryptocurrency market. However, investors are advised to exercise caution and make informed decisions before investing in digital assets.