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\u2019s native token $BNB as well as $XRP.<\/p>\n
As first pointed out by n anonymous cryptocurrency influencer on the microblogging platform Twitter, PEPE\u2019s 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\u2019s $540 million.<\/p>\n
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\u2019s 24-hour trading volume is close to $1 billion at $980 million, while XRP\u2019s volume is $928 million.<\/p>\n
The majority of PEPE\u2019s trading volume originates from Binance, which recently announced plans to list the meme coin in its Innovation Zone on May 5. Binance\u2019s announcement to list the meme-inspired cryptocurrency was followed by announcements from several other major trading platforms, including KuCoin and Crypto.com.<\/p>\n
It is essential to note that PEPE\u2019s superior trading volume compared to XRP is not due to diminishing interest in the latter but rather the overwhelming interest in PEPE.<\/p>\n
PEPE, as CryptoGlobe reported, is a hot meme coin inspired by the infamous meme and cartoon character\u00a0Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner\u2019s potential ability to modify transaction taxes and blacklist functions, PEPE\u2019s market has seen a remarkable boom.\u00a0It is\u00a0now a top 100 digital asset\u00a0after multiple centralized exchange listings.<\/p>\n
Earlier, a\u00a0fortunate cryptocurrency investor has\u00a0seemingly managed to turn an investment of just 0.125 ETH\u00a0in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.<\/p>\n
The rise of meme-based cryptocurrencies has been a phenomenon in the world of digital finance. In recent years, established meme-inspired cryptocurrency Dogecoin ($DOGE) saw its popularity explode as rivals including Shiba Inu ($SHIB), Babydoge ($BABYDOGE) Wojak ($WOJAK), and ArbDoge, have been created and garnered significant attention.<\/p>\n
Memecoins have become a sensation as these cryptocurrencies offer investors an opportunity for significant financial gains, as demonstrated by the recent PEPE success story.<\/p>\n
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.<\/p>\n
Featured Image via\u00a0Piabay<\/p>\n