- This happened after Binance announced the listing of the token.
- Since April 14, PEPE has increased by 4000%
- And in the last 24 hours it has increased by almost 100%
- It now ranks #42 on coinmarketcap
Memcoin Pepe is up 85% in the last 24 hours and its current market cap is is more than $1 billion, or to be more precise, $1,110,270,396 (at the time of writing). The token reached this mark just three weeks after its launch.
Such growth is not positive for some traders. The price jump in the last 24 hours has resulted in huge losses. The data shows that those who shorted PEPE lost at least $11 million. There were $5.5 million in liquidations on OKX, $2.2 million on Huobi, $3.6 million on Bybit, and several hundred thousand more dollars on BitMEX. Thus, Pepe took third place after the liquidation of BTC and ETH futures.
Ironically, the main value of the PEPE coin is that it does not exist. The official website of the cryptocurrency posted a warning that describes the investment in the token as follows:
“$PEPE is a meme coin with no intrinsic value or expected financial return. There is no official team or roadmap. the coin is absolutely useless and is only for entertainment”
The rise of the coin occurred when the Binance exchange announced that it would list PEPE on its platform. Binance customers will be able to trade the token from Saturday. However, the company said in a statement:
“Please note that the token has no utility and was created by an anonymous team”
Binance CEO also added on Twitter:
“Meme coins are a high risk! Remember, no one is forcing you to buy them. Do your own research and be responsible for your own actions.”
You can read more about PepeCoin in our material.