Pepe (PEPE), the meme-inspired cryptocurrency, has seen its market cap explode, rocketing towards the $1 billion mark, according to data from CoinGecko. The digital currency, related to the famous internet meme character Pepe the Frog, has positioned itself as a formidable competitor in the meme coin arena, rivaling the Shiba Inu (SHIB).
In just the last 24 hours, Pepe has jumped another 78%, with his 24-hour trading volume exceeding $610 million. Pepe’s recent listing on BitMEX, one of the major cryptocurrency exchanges, has contributed to this surge. The listing allows users to trade Pepe against the US dollar and Tether with up to 50x leverage.
Pepe is now available on other significant exchanges such as OKX, MEXC Global, Huobi, and Gate.io, further validating the asset and potentially attracting more traders. However, it is important to note that Pepe mainly functions as a speculative instrument, having lost 15% over the last 24 hours.
Despite its speculative nature, one well-known investor nicknamed ‘SmartMoney’ has reaped significant profits from memecoin alongside Shiba Inu, underlining the potential for significant returns. However, Pepe’s soaring market cap and trading volume have also raised concerns about market manipulation, highlighting the need for investors to exercise caution and due diligence.
As extraordinary as it is, Pepe’s meteoric rise further underscores the unpredictable and speculative cryptocurrency market. Therefore, it is important for investors to thoroughly research and understand the risks before investing in this highly volatile and meme-inspired cryptocurrency.
In conclusion, Pepe’s market cap and spike in trading volume are important milestones for the meme-inspired cryptocurrency. While this signals the potential for significant returns, investors should exercise caution and caution approaching Pepe and other highly volatile cryptocurrencies. As always, it’s important to do your own research and seek the advice of a financial professional before making any investment decisions.