Pepe Price Soars, but Is Its Growth Sustainable?

• Pepe (PEPE) has experienced an impressive surge in its market cap nearing the $1B milestone. 
• The meme-inspired coin has soared by 78% in the last 24 hours, with its trading volume surpassing $859M.
• Binance announces the PEPE Buying Guide, experts believe its release on the exchange is imminent.

Pepe, the cryptocurrency linked to the internet meme icon Pepe the Frog, has become a notable contender in the meme coin market, challenging the likes of Shiba Inu (SHIB) and Doge (DOGE).

It’s recent listing on BitMEX, a significant player in the cryptocurrency exchange sector, has contributed to Pepe’s surge in market capitalization and trading volume. BitMEX’s listing allows users to trade Pepe with up to 50x leverage against the US dollar and Tether.

Pepe’s growing popularity has seen its 24-hour trading volume outpace even that of the well-established Dogecoin (DOGE), and early buyers are now taking profits. 

On the OKX exchange, the PEPE/USDT pair is currently trading at a price of $0.00000209. Over the past 24 hours, the trading volume for this pair has reached $318 million.

PEPE Bullish or Bearish?

In the past week, there has been a steady acquisition of this new coin by investors, causing the meme coin to soar to the top. Based on information from CoinMarketCap, since its launch, PEPE has given its initial investors a remarkable 2790% return on investment.

Since listing a spot PEPE/USDT pair on OKX on May 1, the exchange has shot to the top of PEPE volume. Binance, for its part, has released a How to buy Pepe (PEPE) Guide, with some users on Twitter speculating that a listing on the world’s biggest exchange is also close. 

With the coin entering the top 100 cryptocurrencies on May 3, it seems the top may be getting frothy for the frog-inspired meme coin.