Pepe Memecoin Breaks Records Amid December Market Drop
Pepe Memecoin– The memecoin market experienced a notable downturn in December, with the total market capitalization dropping by about 30%, signaling a slowdown in demand and momentum for meme-based tokens. According to CoinMarketCap data, the market cap started the month at $120.14 billion and peaked at $137.06 billion on December 9 before falling sharply to $92.67 billion by December 23. This represents a 32.38% decrease in the overall market value of memecoins. At the time of writing, the total market cap stands at $98.72 billion, marking an 18% decline from the beginning of the month.
Pepe’s Surge Boosts Memecoin Market Amid Decline
Despite the overall market downturn, Pepe (PEPE), the third-largest memecoin by market capitalization, demonstrated significant price movements that mirrored the broader memecoin market. On December 9, Pepe reached a high of $0.000026 before dropping to $0.000017 on December 20. Notably, the memecoin saw a major surge after it was listed on Binance.US on December 4, gaining attention from both traders and investors. Following the listing, Pepe’s price skyrocketed, briefly surpassing Uniswap’s UNI token in market capitalization on December 7.
Pepe’s Record-Breaking Growth After Binance Listing
Pepe’s listing on Binance.US helped the token achieve significant growth. At the start of 2024, Pepe had a market capitalization of around $591 million. After its Binance listing, the token’s market cap surged to over $11 billion, an 18x growth since the beginning of the year. This explosive rise highlights the importance of exchange listings in driving memecoin prices and gaining traction in the market.
In addition to the Binance listing, other exchanges like Coinbase also listed memecoins such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) in December, further boosting the visibility and market demand for meme-based tokens.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
Leave a comment