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Cryptocurrency exchange OKX announced on May 1 that it will list the Pepe meme token at 5:00 pm Hong Kong time (HKT) and open Pepe withdrawals on May 2 at 5:00 pm HKT. Supporting the listing decision, OKX staff wrote:
Pepe the Frog is a cartoon character and Internet meme created by cartoonist Matt Fury. Pepe was conceived as a green frog with a human body; it’s one of the most popular memes in the world.”
Several cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, had listed Pepe trading pairs two weeks prior, sparking a trading frenzy. The token has returned 2340% since April 17 and is now trading at $0.000001223 apiece at press time. Following the OKX listing news, Pepe’s price has risen over 50% in the past 24 hours.
Created on the Ethereum blockchain by anonymous developers, the Pepe token was created, according to CoinMarketCap, “as a tribute to the Internet meme Pepe the Frog” in order to capitalize on the popularity of memcoins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Dogecoin is up over 23,000% in 2021, partly due to strong support for the coin by US business mogul Elon Musk on social media. Similarly, the Shiba Inu token surged over 1250% during the 2021 cryptocurrency bull market after gaining tailwind popularity with its sister token, Dogecoin. Despite recent support, OKX staff wrote in the Pepe listing announcement:
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing [OKX] hopes that you will gain a complete understanding of digital assets, rationally evaluate your investment abilities and make prudent investment decisions.”