Pepe (PEPE), a cryptocurrency inspired by memes, has had its market worth soar to close to $1 billion in a spectacular spike, according to information from CoinGecko.
Over the past 24 hours, the meme currency has increased by another 78%. The staggering $610 million mark has already been reached by Pepe’s 24-hour trading volume.
The digital currency, associated with the popular online meme Pepe the Frog, has established itself as a fierce opponent in the meme coin market, even competing with Shiba Inu (SHIB).
Pepe just listed on BitMEX, one of the biggest cryptocurrency exchanges, which may be responsible for the quick increase in its market size and trading volume. Users can trade Pepe with up to 50x leverage against the US dollar and Tether using this listing.
The recent rise in popularity of the digital asset, which saw its 24-hour trading volume surpass that of the venerable Dogecoin (DOGE), led to this development. Other large exchanges, like OKX, MEXC Global, Huobi, and Gate.io, also provide Pepe.
In addition to validating the asset, Pepe’s listing on BitMEX and other top exchanges may draw in additional traders. Despite this, Pepe has mostly been used as a trading tool over the previous 24 hours, falling 15%.
According to U.Today, ‘SmartMoney’ and Shiba Inu are two prominent investors who have made sizable profits from the meme currency, demonstrating the speculative character of this digital commodity.
Although Pepe’s increasing market value and trading activity suggest the possibility of huge gains, they also raise questions about possible market manipulation. When investing in these incredibly volatile, meme-inspired cryptocurrencies, it’s crucial for investors to use prudence and due research.
Although impressive, Pepe’s stratospheric surge highlights the volatile and speculative character of the cryptocurrency industry.
