The meme coin Pepe recently experienced a significant market cap increase, briefly reaching $10 billion due to a rapid price surge and listings on major exchanges.
The Entire Story of Pepe’s Market Cap Surge
Pepe, based on the internet-famous frog meme, quickly became a significant player after being launched on some of the world’s largest crypto exchanges. Pepe ended the week with a market cap of $10.2 billion, rising from $5.7 billion the day before. The price surged 77% in 24 hours, reaching $0.000024 per coin, following several major exchange listings.
Pepe’s Impact Across Major Exchanges
Pepe's rise is linked to its trading pair listings on Robinhood, Coinbase, and Upbit. Coinbase began offering Pepe on Wednesday, and Upbit, South Korea's most popular exchange, also opened Pepe trading, noting $10 billion in trading volume in just one day. These exchanges expanded Pepe's accessibility to retail investors, which could facilitate further growth.
Consumer Response to Pepe's Surge
The listing news animated the memecoin market, lifting the GMCI Meme index by 10.2% to 510.59. While Pepe soared, other memecoins like DOGE and SHIB reacted differently, with DOGE dropping 1.6% and SHIB rising only 0.59%.
Pepe quickly took the lead in the crypto market due to listings on major platforms. However, it's crucial to maintain market conditions and buyer interest to sustain its achieved value.
