The PEPE coin, the popular memecoin on the Ethereum (ETH) blockchain, has been enjoying great success lately, with a market capitalization that has just exceeded $1.2 billion. The token was also listed on the Binance exchange today, as its all-time high (ATH) continues to rise daily.
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PEPE to the moon
It’s been over 2 weeks now, the PEPE coin had reached $110 million in market capitalization within a few days. Today, the enthusiasm for the new memecoin of the moment is not diminishing, on the contrary: its capitalization has just exceeded 1.2 billion dollars.
Although memecoins are particularly subject to (very) high volatility, PEPE still stands out. Indeed, over the last 7 days, its price has increased by more than 1,040%, enough to make similar altcoins pale. The FLOKI, for example, gained “only” 42% over the same period, in comparison.
Figure 1 – Representation of the biggest winners and losers of the last 7 days (Top 100)
The PEPE token being on the Ethereum (ETH) blockchain, the enthusiasm around the memecoin has not been without impacting network fees, which have literally reached their average high (ATH) price of the last 12 months. Indeed, on May 2, the average cost of a single Ethereum transaction exceeded $17.12.
Figure 2 – Evolution of the average cost of a transaction on Ethereum
Over the past 24 hours, almost $200 million worth of PEPE tokens have been traded on the decentralized exchange Uniswap (UNI), the first protocol to host the memecoin. This puts PEPE in 3rd position in terms of volume traded on Uniswapbehind ETH and USDC, but ahead of USDT and WBTC.
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PEPE lands on Binance
Binance, the world’s largest cryptocurrency exchange by volume traded, listed the PEPE and the FLOKI on the day of publication of this article. The PEPE is therefore available for trading on the PEPE/USDT and PEPE/TUSD pairs.
According to Dune data shared by @thiccythot_ on Twitter, to date more than $10 million would have been needed to cover trading fees for PEPE on Ethereum, if further proof of the memecoin’s success was needed.
Moreover, as Arkham Intelligence pointed out, the on-chain activity being massive on Ethereum, 33,500 ETH are currently burned every weekthe equivalent of $63.8 million.
As Binance recalls in its press release announcing the PEPE listing (and as also indicated on the memecoin site), the token has absolutely no use other than speculative interest. Also, if you decide to invest, be aware of the extreme volatility risk of this type of asset.
The PEPE entered the top 100 of the most capitalized cryptocurrencies on the market on May 1, and now sits in 42nd place according to CoinGecko, which places it ahead of the ALGO of Algorand, the FTM of Fantom or the EGLD from MultiversX.
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Source: Crypto Bubbles, Uniswap, Etherscan
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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