Pepe Coin Explodes With Market Cap Eclipsing $1 Billion

Over the past 24 hours, the meme coin Pepe (PEPE) has increased by another 78%. The staggering $610 million mark has now 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 surpassed that of the meme coin veteran Dogecoin (DOGE), led to PEPE exploding in value. Other large exchanges, like OKX, MEXC Global, Huobi, and Gate.io, also offer Pepe.

In addition to validating the asset, Pepe's listing on BitMEX and other top exchanges may draw in more traders. Despite this, Pepe has mostly been used as a trading tool over the past 24 hours, falling 15%. According to U.Today, 'SmartMoney', a prominent investor who has made sizable profits from the meme currency, demonstrated the speculative character of this digital commodity.

The fact that 'SmartMoney' made considerable profits from the meme currency highlights the speculative character of this digital asset. Although Pepe's increasing market cap 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.

Binance joins the Pepe craze

The biggest exchange in the world has chosen to feature the new hot parody coin, Pepe Coin, as its buzz soars. In a recent post, Binance disclosed that it would feature Pepe (PEPE) in the Innovation Zone. On 2023-05-05, trading will begin for these spot trading pairs.