The world of cryptocurrency has been taken by surprise as PEPE, an ERC-20 meme-based token, catapults itself to the top 100 largest cryptocurrencies, boasting a market capitalization of $582 million.
Its recent success has left many wondering what’s fueling the rapid ascent of this digital phenomenon.
In the past 24 hours alone, PEPE has seen a remarkable 122% increase, and its weekly growth is at an astounding 303%, according to CoinGecko data.
As of now, the token has a supply of 420.69 trillion tokens and is quickly becoming one of the most talked-about meme coins on the internet.
The PEPE token‘s rise to fame has been nothing short of meteoric. In just two weeks, the token has managed to almost double the trading volume of its rival, Shiba Inu (SHIB), with PEPE reaching $307 million and SHIB trailing behind at $135.2 million.
This rapid growth can be partially attributed to the internet’s fascination with the Pepe the Frog meme, a character that has seen various adaptations and associations over the years. But what sets this iteration of the Pepe token apart from its predecessors is its strategic roadmap, focusing on community engagement, growth, and exchange listings.
The project aims to dethrone other popular meme-based cryptocurrencies like Dogecoin, with the goal of attracting over 100,000 holders.
The token’s recent listings on several major cryptocurrency exchanges, such as OKX, Huobi, Gate.io, and MEXC, have undoubtedly contributed to its soaring trading volumes.
Additionally, DeFi volumes for PEPE have experienced a significant spike, jumping from $2.99 million on April 15 in a Uniswap PEPE/WETH pool to approximately $240 million across multiple liquidity pools and centralized exchange listings.
Google Trends data also supports the notion that the PEPE token has captured the public’s imagination. The score for “pepecoin” skyrocketed from 3 to 100 between the weeks of April 9 and April 16, reflecting the surging popularity of the keyword in Google Search.
Despite its meteoric rise, investing in meme coins like PEPE remains high risk. Their prices are often tied to online discussions, making them susceptible to price manipulation. With limited liquidity, cashing out at the height of the token’s value may prove challenging for some investors.
As the token continues to grow and chase down fellow meme coins like Floki (FLOKI) and Baby Doge Coin (BABYDOGE), the crypto world watches with bated breath to see how this little green frog will continue to make waves in the industry.
