Pepe Coin (PEPE) Surges Over 900% in the Crypto Sector

Pepe Coin (PEPE) Surges Over 900% in the Crypto Sector

Pepe Coin (PEPE) has shown remarkable growth in the crypto sector, with its price surging by over 900% in the past seven days. The coin has continued to perform well with another 60% increase in the last 24 hours, and its market capitalization has skyrocketed to over $1 billion. This surge is isolated, as other memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have not recorded significant gains recently.

Pepe Coin’s Valuation and Market Position

PEPE’s valuation has spiked by 60% on a daily scale, making it the 45th largest digital asset, surpassing well-known cryptocurrencies like EOS and Stacks (STX). PEPE had a market capitalization of less than a million dollars at the time of its launch in mid-April. However, the asset went on a tear in the past month, exceeding the coveted $1 trillion mark on both CoinGecko and CoinMarketCap.

Impact on Traders

The rapid price increase has negatively affected traders who bet on PEPE’s decline. The number of leverages short PEPE traders has skyrocketed, and the total amount lost is over $10 million on a daily scale. On-chain data suggests that more than 5,300 ETH (worth above $10 million) have been burnt in the past three weeks from PEPE traders on Uniswap alone.

Binance’s Listing of PEPE and Floki Inu

Binance, the world’s largest crypto exchange, announced that it would list PEPE and Floki Inu in its innovation zone, which could have been the main reason behind the latest surge. However, the craze generated around PEPE should not be widely connected to a rising interest in the memecoin realm, as DOGE, SHIB, FLOKI, and many others have either been flat in the past few days or have even marked slight price drops.

In conclusion, Pepe Coin’s recent surge has been impressive, outperforming other memecoins. Its valuation has spiked, causing significant losses for traders who bet on its decline. Binance’s listing of PEPE and Floki Inu in its innovation zone may have contributed to the latest surge, but it should not be widely connected to a rising interest in memecoins.


Articles You May Like

Bitcoin Dominance Drops Below 50% Following Ripple’s Legal Win
ALTAVA Group and Animoca Brands Team Up to Bring Bored Ape Yacht Club NFTs to the Metaverse Golf Course
Mythical Games Secures $37 Million in Funding for Series C Extension Round
The Rise of BALD Coin and its Companion HAIRY Coin

Leave a Reply

Your email address will not be published. Required fields are marked *