Hot meme-inspired cryptocurrency Pepe token ($PEPE) has recently seen its trading volume surpass that of other major cryptocurrencies with higher market capitalizations, including BNB Chain’s native token $BNB as well as $XRP.
As first pointed out by n anonymous cryptocurrency influencer on the microblogging platform Twitter, PEPE’s 24-hour trading volume reached a staggering $2.37 billion, more than triple the $710 million recorded by XRP on the same day and dwarfing BNB’s $540 million.
This placed PEPE third among non-stablecoins in terms of the largest 24-hour volume. Although its volume has since decreased somewhat, PEPE continues to surpass the trading volumes of major assets, including XRP, as at the time of writing PEPE’s 24-hour trading volume is close to $1 billion at $980 million, while XRP’s volume is $928 million.
The majority of PEPE’s trading volume originates from Binance, which recently announced plans to list the meme coin in its Innovation Zone on May 5. Binance’s announcement to list the meme-inspired cryptocurrency was followed by announcements from several other major trading platforms, including KuCoin and Crypto.com.
It is essential to note that PEPE’s superior trading volume compared to XRP is not due to diminishing interest in the latter but rather the overwhelming interest in PEPE.
PEPE, as CryptoGlobe reported, is a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
The rise of meme-based cryptocurrencies has been a phenomenon in the world of digital finance. In recent years, established meme-inspired cryptocurrency Dogecoin ($DOGE) saw its popularity explode as rivals including Shiba Inu ($SHIB), Babydoge ($BABYDOGE) Wojak ($WOJAK), and ArbDoge, have been created and garnered significant attention.
Memecoins have become a sensation as these cryptocurrencies offer investors an opportunity for significant financial gains, as demonstrated by the recent PEPE success story.
However, the rapid rise and potential volatility of meme coins also pose significant risks to investors, especially those who may be new to the world of cryptocurrency, as many end up underwater after buying.
Image Credit
Featured Image via Piabay
Source: Read Full Article