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PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45%

Pepecoin (PEPE) tokens were issued in mid-April and quickly gained popularity among investors, reaching a market capitalization of $1.8 billion in just over three weeks. However, the meme coin’s journey took a downward turn as the token dropped nearly 45% from their peak on Friday, causing a ripple of concern among investors.

Some speculate that the sudden price drop was due to traders taking profits on their positions, while others point to the introduction of Pepe-tracked futures as a possible cause. 

Either way, the Pepe token’s once-promising journey has hit a snag, leaving investors wondering whether this amphibian-inspired cryptocurrency can regain its footing and hop back into the limelight.

PEPE Token’s Value Down After Short-Lived Rally

As of writing, the PEPEUSD token’s price on CoinGecko stands at a mere $0.00000233, having fallen 10.6% in the past 24 hours. This comes as a disappointment to investors who had witnessed a remarkable seven-day rally, during which the token’s value had surged by a staggering 221.0%.

The sudden downturn in the PEPEUSD’s value is a reminder of the volatility that characterizes the world of cryptocurrency. Despite the promising rally of the past week, the token’s current price suggests that caution is still warranted for those considering investing in this meme-inspired digital currency.

Following an unprecedented surge in value that saw PEPEUSD rise by almost 5,000,000% in just a few weeks, holders of the altcoin may be capitalizing on their gains by selling off their positions. This is reflected in the significant decline in the token’s value, which previously reached a peak of $0.00000431.

Pepecoin had quickly taken the crypto market by storm, and in just over three weeks since its issuance in mid-April, it had achieved a market capitalization of $1.8 billion. However, the sudden drop in value indicates that the token’s meteoric rise may have been too good to last, and investors may be re-evaluating their positions accordingly.

PEPEUSD Profits Converted To Ether As Deposits Hit New High

Following the massive surge in Pepecoin’s value, investors are reportedly taking profits by converting their holdings into Ether (ETH), which recently hit an all-time high in deposits to exchanges since November 2021 when it reached a high of $4,500. 

On Monday, Santiment, an on-chain analytics firm, suggested in a tweet that the rising number of Ether deposits could be a result of traders cashing out their Pepe positions.

The Pepecoin rally has seen some investors turn small investments into significant profits within just a few days after the coin’s issuance.

However, with the recent drop in the token’s value and the high volatility of cryptocurrency in general, investors should proceed with caution and conduct thorough research before investing in any digital currency. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

-Featured image from Alabama Cooperative Extension System 

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PEPE Market Cap Crosses $1 Billion As Gemini Listing Rumors Spread

Crypto Twitter’s favorite new meme coin Pepecoin (PEPE) has hit another milestone. With an impressive rally over the last 24 hours, the coin crossed the $1 billion market cap mark and has now solidified its position as a top 100 cryptocurrency. But after rallying over 20,000x since its launch three weeks ago, what could be driving this fresh rally for the meme coin?

Gemini Listing Rumors Spurs New Growth

On Thursday, Tyler Winklevoss, one of the co-founders of the Gemini exchange, tweeted a frog emoji that spurred listing rumors in the PEPE community. The tweet which carried only the single emoji was followed up by another tweet with the emoji but this time with the words “sounds rare” added to it.

Following the tweets, rumors quickly spread that the exchange may be planning to list the meme coin which has been pulling in significant volume since its launch. The rumors were further fueled by the PEPE team moving its treasury holdings to a multi-sig wallet.

The reason for this is that larger exchanges oftentimes require team treasury funds to be secured before they are listed. So speculations rose quickly about a possible listing and the Winklevoss tweet has the community convinced that the Gemini listing is coming next.

PEPE Rises 100% In One Day

At this point, it is no longer a surprise when PEPE moves so quickly. But moving from a $500 million market cap to over $1 billion in one day in a bear market is a considerable feat. Nevertheless, that is what the meme coin did.

Data from on-chain aggregator CoinGecko shows that PEPE’s price moved from a price of $0.00000114 which it opened the day with to a new all-time high of $0.00000310. This brought its market cap to a peak of $1.1 billion.

Pepecoin (PEPE) price chart from TradingView.com

If the Gemini listing rumors are true, then the meme coin could be gearing up for a run to $2 billion just off the listing alone. Its 24-hour trading volume of $800 million is also significantly higher than that of its largest competitors, including Dogecoin at $253 million and Shiba Inu at $94 million.

The meme coin has already been listed by Binance in its Innovation Zone and more exchanges are expected to follow suit.

Interestingly, another 6x move from its current price would see the market cap of PEPE flip SHIB, something that would be a considerable feat, making it the second-largest meme coin by market cap. However, for now, PEPE is resting easily as the third-largest meme coin in the market.

The community has also grown rapidly and as of the time of this writing, the PEPE official Twitter has over 233,000 followers. On-chain data also shows that there are now almost 92,000 holders of the less than one-month coin.

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PepeCoin (PEPE) Rallies By 42% As Interest In Memecoins Rises

PepeCoin (PEPE), a newly launched memecoin, has been a focal point of investors’ interest in the last few days due to its massive market gains. In a crypto market that is generally bleeding red, PepeCoin, along with a host of other memecoins, has been quite profitable for investors. 

PEPE Gains 42% In 24 Hours

According to data from CoinMarketCap, PEPE’s market price has increased by 42.03% in the last day, making it one of the biggest gainers in the crypto space. More interestingly, PEPE has gained over 528.17% following its launch on Monday, April 17.

As earlier stated, PepeCoin (PEPE) is a memecoin; however, it differs from most popular memecoins as it was inspired by the cartoon character Pepe the Frog rather than the Shiba Inu dog. According to the bio on its official Twitter handle, PEPE is described as “the most memeable memecoin in existence” by its developers.

Interest quickly grew around PEPE following a high-profile purchase that saw an investor reap nearly 4,500 times his initial investment. 

Barely days after purchasing 5.9 trillion PEPE tokens with 0.125 ETH, valued at $250, this memecoin investor saw his investment surge to a peak value of $1.8 million. As expected, this led to a massive influx of investors into the PEPE market as everyone is seeking to make a quick profit.

However, there is still much concern about PEPE, as with all memecoins. For PepeCoin, its major concerns center on the currently low liquidity of the token. Without a moderate liquidity level, it may be hard for investors to convert their tokens to profit regardless of how high their value rises.

At the time of writing, PepeCoin is trading around 0.0000003341, with a daily trading volume of $87.98 million. Based on additional data from CoinMarketCap, the token has also attained an impressive market value of $145.66 million. 

PepeCoin

Memecoins Record Heavy Gains, Draw Investors’ Interest

Memecoins are a type of cryptocurrency based on internet memes and are promoted majorly by celebrities’ engagements. While these tokens are usually criticized for their lack of utility, they can serve as a source of quick and large gains – especially upon launch – as seen with PepeCoin.

In addition to PEPE, some other meme coins have generated significant profit in recent times, even amidst the general crypto market dump. 

Examples of such tokens include Tamadoge (TAMA), ArbDoge AI (AIDOGE), and Good Gensler (GENSLR), which have gained by 160.34%, 608.36%, and 1719.46%, respectively, in the last seven days. 

According to a report by on-chain analytics firm, Santiment, meme keywords such as “pepe”, and “baby doge” have trended at a high frequency in the past week, demonstrating the growing interest in the memecoin market. 

Unfortunately, prominent memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been well affected by the market’s general mood, recording losses to the tune of 10.88% and 10.00% in the last week.