According to the latest data by CoinMarketcap, PEPE, a relatively new cryptocurrency, has seen a surge in spot trading volume in the past 24 hours. The trading volume exceeded $2.9 billion, trading fifth after USDT, BTC, ETH, and USDC.
The largest trading volume of the coin in the past 24 hours came from OKX, which contributed a whopping $650 million to the trading volume. Binance, one of the world’s largest cryptocurrency exchanges, is expected to contribute the largest trading volume in the future, as it just listed the coin on May 5th.
In the past 24 hours, Binance has already seen a trading volume of $1.4 billion, making it the third largest cryptocurrency by trading volume after BTC and ETH.
The surge in trading volume for PEPE comes as no surprise, as the cryptocurrency has been gaining popularity among traders and investors in recent weeks.
Observing how the cryptocurrency fares in the upcoming weeks and months will be fascinating, given the current spike in trade volume and the increasing popularity of the new coin.
According to several observers, PEPE has the potential to rank among the top cryptocurrencies available today, and the current increase in trading volume seems to support this claim.
PEPE Contract Code Reveals $8M Locked Forever
Meanwhile, in a recent tweet by an analyst, some interesting facts about the PEPE contract code have been revealed, including a curious case of $8 million worth of coins that are locked up forever.
According to the tweet, a blacklist functionality in its contract blocks someone from receiving or sending tokens. One particular address, 0xAf2…54534, was actually blacklisted by the PEPE deployer.
The owner of this address owns 2519324010963 tokens that are now locked up forever, worth around 8 million USD currently.
The blacklisted address purchased PEPE within a couple of hours of launching the Uniswap pair. However, they were blacklisted by the $PEPE deployer just 8 minutes after purchasing the tokens.
No other address has been blacklisted. The blacklist can never be modified because the ownership of the contract was renounced, and all owner-only functions are now permanently disabled, including blacklist modifications.
Interestingly, there was once a minimum and maximum token amount that an address needed to follow before it could purchase from the Uniswap pair. This threshold was removed just before the deployer renounced ownership.
It is worth noting that there is burn functionality in the PEPE contract, but there is no further minting ability. It follows that the supply of PEPE can only get smaller going forward. It is also possible to think of the tokens owned by the blacklisted address as permanently locked up.
This curious case has raised questions about the effectiveness of blacklist functionality and the implications of renouncing contract ownership. It remains to be seen how it will affect the value and future of PEPE.