While other memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have not witnessed significant gains recently, Pepe Coin (PEPE) continues to outperform, with its value surging by another 60% on a daily basis.
PEPE’s market capitalization was less than a million dollars when it launched in mid-April, but it has experienced explosive growth over the past month. Today, it surpassed the coveted $1 trillion mark on both CoinGecko and CoinMarketCap. According to CoinGecko, it is now the 45th largest digital asset, outpacing well-known cryptocurrencies like EOS and Stacks (STX).
However, the rapid price increase has negatively impacted traders who bet on a decline in PEPE’s value. Coinglass data reveals that the number of leverages short PEPE traders has skyrocketed, with a total daily loss of over $10 million.
On-chain data also suggests that PEPE traders on Uniswap alone have burned more than 5,300 ETH (worth over $10 million) in the past three weeks.
Binance, the world’s largest cryptocurrency exchange, made an important announcement that may have contributed to the recent surge in value of both PEPE and Floki Inu. CZ, the head of Binance, revealed that the tokens will be listed in its innovation zone.
However, it’s important to note that the hype surrounding PEPE’s recent success should not be seen as a sign of overall growth in the memecoin market. Other popular memecoins like DOGE, SHIB, and FLOKI have either remained stagnant or experienced slight price drops in recent days.