PepeCoin MarketCap Increased to $1.5B After Binance, Kucoin Listed
The PepeCoin market is currently intrigued by a new memecoin, which has garnered a capitalization of approximately $1.5 billion within hours of being listed on Binance and Kucoin.
The astounding ascent of Pepecoin has transformed a payout into a profit of almost 5,000,000% Meme Coin, reflecting an 80% surge in the last 24 hours. Its market cap has increased dramatically to surpass $1.4 billion within a few weeks of its debut.
The announcement of the listing of controversial memecoins on major exchanges has brought joy to Pepe holders. On May 5th, Friday, Binance revealed its plans to list the widely-used meme coins Pepe (PEPE) and Floki Inu (FLOKI).
Binance has included PEPE in its Innovation area and established PEPE/USDT and PEPE/TUSD spot trading pairs. Not long after Binance’s declaration, competing exchange KuCoin also added the Pepe token and introduced the PEPE/USDT trading pair.
Following the listing, the trading activity of PepeCoin surged, with its daily trading volume rising to 284.24%. As a result, the token’s price rose by a remarkable 132% on the same day. This prompted both exchanges to caution users about the potential risks involved.
The sudden price hike has had a negative impact on traders who predicted a decline in PEPE. Coinglass reported a significant increase in the number of traders leveraging PEPE short positions, resulting in a daily loss of over $10 million.
Another major issue for the Pepe token is the risk of copyright disputes, as Pepe the Frog has an owner and creator. The creator of Pepe has taken legal action against blockchain projects that use Pepe without permission.
Despite the warnings that this trend may not end well, the astonishingly rapid growth of this memecoin is generating substantial wealth for those who are unafraid of taking risks.
To access our other article about PEPE: A Comprehensive Pepe Crypto Review – 2023
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