Less than 24 hours after offering the meme-based cryptocurrency Pepe (Pepe) on their website, Tyler and Cameron Winklevoss’ cryptocurrency exchange Gemini has risen to the top 50 holders.
Cryptocurrency expert Jason Cline tweeted that 748 billion Pepe tokens, worth around $1.3 million, had been put into Gemini accounts.
The quick increase in Pepe holdings on Gemini highlights the popularity of meme-based digital currencies, which were first popularised by Dogecoin (DOGE) and Shiba Inu (SHIB), and which continue to be popular.
In April, Pepe, a token created on the Ethereum network, was released on the market. Pepe, which capitalises on the meme craze, gets its name from the divisive “Pepe the Frog” cartoon.
In a later tweet, Cline said that he thinks Coinbase, a rival of Gemini, is “out of touch with reality,” and he predicted that the platform will find it difficult to catch up to Gemini and other exchanges in terms of listing Pepe. In order to take advantage of the popularity of the meme coin, Cline predicted that Robinhood, another well-known trading platform, will likely launch Pepe before Coinbase.
This investigation takes place against the background of significant Pepe sell-offs on Binance, the biggest cryptocurrency market in the world, where huge investors, or “whales,” are said to have cashed in their holdings after the coin was listed.
Pepe’s market worth has risen to almost $1.6 billion, according to CoinGecko statistics, despite worries about the volatile nature of meme-based cryptocurrencies. Despite the fact that the token has already dropped 56% from its peak, this rapid spike has caught the attention of many speculators.
