Pepe climbs to new ATH as market cap approaches $1B Pepe climbs to new ATH as market cap approaches $1B
On-chain analyst Lookonchain reported how a whale exchanged almost all of its assets for PEPE and made a profit of $1.23 million.
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Updated: May. 5, 2023 at 11:11 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum-based Pepe memecoin rallied to a new all-time high of $0.000002322 earlier today after increasing by more than 50% in the last 24 hours, according to CryptoSlate data.
During this period, the market cap of the memecoin touched as high as $931 million before retracing to its current level of $864.54 million, according to Coingecko data.
Pepe market cap surpasses Terra Classic, others
The memecoin is ranked as the 61st largest crypto asset by market cap — above several significant crypto assets like Terra Classic (LUNC), Optimism (OP), Huobi Token (HT), BitTorrent (BTT), MakerDAO (MKR), USDD, and others.
Pepe’s market cap meteoric rise has prompted speculations that it could soon reach $1 billion.
Although its market cap is still below that of memecoins like Dogecoin and Shiba Inu, its trading volume in the last 24 hours has surpassed theirs. According to Coingecko data, Pepe’s 24-hour trading volume stood at $647 million as of press time, while that of DOGE stood at $323 million and SHIB $109 million.
Pepe still printing millionaires
CryptoSlate reported that the memecoin had printed several millionaires as early buyers have been profiting from the asset.
On-chain analyst Lookonchain reported how a whale exchanged almost all of its assets for the memecoin and made a profit of $1.23 million.
Meanwhile, the massive hype and strong community support have been the primary reason for its performance, coupled with the existing popularity of the Pepe frog meme — which the creators are also capitalizing on.
Several exchanges like ByBit, BitMEX, OKX, and MEXC. have listed PEPE and its perpetual contracts.
However, major exchanges like Binance have yet to list it. In a recent AMA session, Binance CEO Changpeng ‘CZ’ Zhao said the exchange could list the token if it continues to trend and sees increased demand.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.