PepeCoin News: PEPE Market Cap Exceeds $1 Billion Amid Gemini Listing Rumours
Crypto Pepecoin (PEPE), the new parody coin that has taken Twitter by storm, has reached a new high. The coin’s price surged by over 100% in the recent day, propelling it into the top 100 cryptocurrency markets by market capitalization. But what may be fueling this latest surge for the meme coin, which has already increased in value by over 20,000 times since its inception three weeks ago?
Gemini Listing Rumours Fuels
On Thursday, Gemini exchange co-founder Tyler Winklevoss tweeted an emoji of a frog, sparking listing speculation in the PEPE community. The original tweet with just the lone emoji was followed by another with the same emoji, but this time the words “sounds rare” were included.
After the tweets, speculation ramped up that the exchange was considering adding the meme coin, which has been popular since its release and has been driving a lot of trading traffic. The PEPE team’s decision to store its treasury reserves in a multi-signature wallet only added fuel to the fire of the rumours.
This is because bigger markets typically necessitate the safety of team treasury money before listing a team. The Winklevoss tweet caused widespread excitement about the prospect of a listing, with many believing that Gemini would be the next to be added.
over the next hour you will see some transactions taking place from $PEPE pepecexwallet.eth.
a multi-sig is being created and the cex-wallet tokens will be transferred to the safe. pic.twitter.com/anh6VGxjeN
— Pepe (@pepecoineth) May 4, 2023
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A One-Day 100% Increase in PEPE
The rapidity with which PEPE now operates is no longer shocking. However, jumping from a market valuation of $500 million to over $1 billion in a single day during a down market is no small feat. But the meme coin did exactly that.
The price of PEPE jumped from its opening price of $0.00000114 on the CoinGecko blockchain to a new all-time high of $0.00000310. This resulted in a market cap of $1.1 billion, an all-time high.
If the rumours of a listing on Gemini are genuine, the meme coin could be setting itself up for a $2 billion run on the back of the listing alone. Compared to its major rivals, such as Dogecoin ($253 million) and Shiba Inu ($94 million), its 24-hour trading volume of $800 million is substantially larger.
Binance has already listed the meme coin in its Innovation Zone, and support from other exchanges is anticipated.
If the price of PEPE were to increase by a factor of six, it would overtake SHIB in terms of market capitalization and become the second largest meme currency. However, PEPE is currently relaxing in its third-place position as the largest meme coin.
At the time of writing, the PEPE official Twitter had more than 233,000 followers, indicating tremendous community growth. The coin has been around for less than a month, yet there are now around 92,000 users, according to on-chain data.
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