Cetoex News – The craze right now is Pepe Coin, a newcomer to the world of meme coins. CoinMarketCap data shows that in the short time since its inception, PEPE has given its early investors mind-blowing gains.

From a record low of $0.00000002764 on April 17, 2023, to an all-time high of $0.000004354 before falling to its current position, the price of PEPE has surged. In the last 30 days, Pepe Coin has increased by 5412%, delighting early investors with millions of dollars.

With its soaring popularity, PEPE has bagged listings on numerous top exchanges, including Binance, KuCoin, Kraken, and others. In one of the latest findings, the new meme coin made its way to Bittrex Global.

Pepe Coin bags listing from Bittrex Global

In addition to the new Pepe Coin listing, Bittrex is also providing zero fees for trading on the PEPE/USDC pair until August 28. However, the surging price of PEPE seems to have come to a halt. According to CoinMarketCap data, Pepe Coin is trading at $0.000001514, with a 3.1% drop in value over the last 24 hours.

However, the meme coin frenzy was triggered by PEPE, which was followed by meme coins including LADYS. One thing to be noticed is that the largest meme coins, including Dogecoin and Shiba Inu, didn’t exhibit any positive gains during this period.

NEWS BY – CETOEX NEWS

Cetoex News – Pepe Coin continues to be the talk of the crypto town. Within days of its launch, it rose exponentially in value. On Thursday, May 4, the asset was trading in green and was priced at $0.000001176.

Large participants have been eying this crypto for quite some time. A recent tweet from Lookonchain revealed that a whale exchanged “almost all assets” for Pepe Coin. As far as the breakdown is concerned, the whale swapped 20.62 Wrapped Bitcoin, 17 billion CULT, 44.1k Uniswap tokens, and 19.96 Ether. In exchange, the whale got PEPE worth $2.19. Lookonchain further revealed,

“The buying price of $PEPE is ~$0.0000005533 and made a profit of ~$1.23M.”

Parallelly, a recent tweet from Nansen revealed that another trader has also been diverting funds into memecoins, with the hope of becoming a millionaire. At press time, the trader’s portfolio was worth $1.2 million. WOJAK constituted 57.7% of the trader’s portfolio, while Pepe had a 41.6% stake.

Pepe Coin shorts mount up, but..

Even though buys continue to take place, it should be noted that participants have also started profit booking. A day back, Pepe Coin’s volume managed to surpass that of Dogecoin and Shiba Inu. Right after, a correction transpired, indicating that participants have been selling alongside.

In fact, at press time, the funding rate of Pepe was negative, bringing to light that bearish traders have been eclipsing the bullish traders in the derivatives market. With shorts paying the longs at this stage, it can be said that the majority of traders expect the price of Pepe Coin to continue dropping.

However, there might be a silver lining. Laevitas recently revealed that the market is perhaps experiencing a short squeeze at the moment. Despite the negative funding rate, the price of the asset has noted a sharp incline of late, suggesting that bearish traders are being squeezed out of the market, making it a boon for Pepe’s price.

NEWS BY – CETOEX NEWS

What is PEPE?

PEPE is the latest meme coin to soar in value and capture the crypto industry’s attention. It’s based on the artist Matt Furie’s Pepe the Frog.

Over the past week, the token has risen by a whopping 1,000%, per Coingecko. It’s now the 45th-largest cryptocurrency by market capitalization, overtaking Fantom’s native FTM token as well as The Sandbox’s SAND token.

Binance, the world’s largest cryptocurrency exchange, has confirmed the listing of Floki Inu (FLOKI) and PEPE in the Innovation Zone on its platform. According to the firm, a listing fee of 0 BNB applies to trade pairs featuring the duo of FLOKI and PEPE.

As per a published statement, Binance also ascertained that by the latter part of today, the exchange would have opened trading for the spot pairs like FLOKI/USDT, FLOKI/TUSD, PEPE/USDT, PEPE/TUSD.

Hence, users are encouraged to start depositing any or both of the two memecoins in anticipation of trading. Deposits of FLOKI and PEPE will be made possible from today but users will not be allowed to withdraw until May 6th.

Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance previously hinted that the exchange was skeptical about listing PEPE citing the fact that the meme coin lacks transparency and has a high-risk nature. During one of his ‘Ask Me Anything’ sessions, CZ showed his approval of Shiba Inu over the cartoon-characterized meme coin PEPE.

“We don’t like coins that have a very small circulating supply… but they have a large total supply in reserve,” he said in a Twitter Spaces held earlier this month, adding that “with a tiny bit of circulating supply, some of the coins are famous and people want them as price is going really high. But then as more supply comes into circulation the price may drop, well most likely will drop or at least have a higher risk of dropping. We try to avoid it.”

At the same time, he also pointed out that he was not directly involved in listings.

“We actually have strict policies that even if we are talking with a project team, we forbid them disclosing anything about listings, etc,” Zhao added.

FLOKI, PEPE, Other Memecoin Gain Attention

Considering the earlier stance of CZ, it came as a surprise when the exchange confirmed the listings. About 48 hours after the listing goes live, both FLOKI and PEPE will be added as new borrowable assets on Isolated Margins alongside their new margin pairs FLOKI/USDT, and PEPE/USDT.

The announcement seems to have caused some excitement in the market as PEPE saw a surge of over 40%, while FLOKI increased by over 60%.

FLOKI has been on other top cryptocurrency exchanges before now but the listing with Binance has been anticipated for a very long time. In March, KoinBX, a leading cryptocurrency exchange, announced plans to list FLOKI to trade with USDT and INR trading pairs. Generally, there has been a rave about FLOKI and many other memecoins

The platform behind the memecoin Floki has proved its utility over time with several solutions like a crypto debit card, a Non-Fungible Token (NFT)-based game, and various NFT collections.