All Eyes On PEPE- the new rising star in meme-based cryptocurrencies. According to recent data shared by a crypto enthusiast, the meme token achieved a new feat when it trounced bigger rivals Dogecoin and Shiba Inu in trading volume.
Compared to DOGE’s $261 million and Shiba Inu’s $112 million, Pepe’s 24-hour trading volume has reached a whopping $529 million.
Developed by anonymous developers on the Ethereum blockchain earlier this year, the crypto, according to CoinMarketCap, is a tribute to the Pepe the Frog internet meme, with the intention of leveraging the success of the likes of Shiba Inu.
Due to its association with the well-known internet frog character, the token has quickly acquired tremendous popularity among traders since its launch.
Many crypto market participants have now joined the PEPE frenzy in the hopes of becoming wealthy, and several of them have been prosperous so far. Early adopters of investing have had astounding returns as evidenced by recent data.
As per on-chain tracker Lookonchain, three savvy traders liquidated some of their PEPE investment amid increasing prices and pocketed more than $1 million in profits over the course of two weeks.
Even while the earnings looked quite alluring, achieving them would be difficult because it would put a lot of pressure on the asset’s price.
But how did these traders become overnight millionaires? Luck? Maybe.
These smart investors took a calculated risk by putting only moderate amounts into PEPE, which finally paid off. On the flip side, it sparked FOMO similar to DOGE’s historic surge.
PEPE Secured Multiple Adoption
The token, like its peers, has also been subjected to apprehensions about its reliability and allegations that it was a scam project since it was mostly utilized for speculative purposes.
Despite these reservations, the memetoken’s roadmap has high objectives, concentrating on development, involvement of the community, and widening its scope. One of them is drawing more than 100k holders and securing widespread adoption.
According to a May 1 announcement from crypto exchange OKX, PEPE withdrawals will be available starting on May 2 at 17:00 Hong Kong Time.
Prior to that, a number of trading firms listed Pepe trading pairs, including MEXC Global, Bitget, Gate.io, and Huobi.
On the price front, the meme coin is trading at $0.000001288, up by nearly 25% in the past 24 hours at press time.