PEPE Coin Breaks $7B Market Cap, Bitrue Traders Remain Bullish
30th May 2024 — In a spectacular development, Pepe Coin ($PEPE) has surpassed a $7 billion market cap, underscoring its status as a prominent meme coin on the Ethereum blockchain. Since its listing on the Bitrue exchange on May 6, 2023, and the initiation of futures trading on October 31, 2023, PEPE has skyrocketed, achieving an impressive cumulative increase of 473%.
Inspired by the famous Pepe the Frog meme from the 2005 comic “Boy’s Club,” PEPE has captivated the cryptocurrency market with its explosive growth and dynamic performance. This meme, which gained widespread popularity in the 2010s, has been rejuvenated in the form of a digital asset, drawing significant attention from investors and traders alike.
The rapid growth of PEPE in 2024 has positioned it as a formidable competitor against other major meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE). As the bull market gains momentum, the question arises: Can PEPE outshine DOGE and SHIB to become the new leader in the meme coin sector?
Current Market Snapshot
- Pepe Coin (PEPE): Trading at 0.00001625 USDT with a market cap of approximately $6.83 billion and a daily trading volume of $1.79 billion. The token has surged 46.7% over the past week but still requires a 112.4% increase to catch up with SHIB’s market cap.
- Shiba Inu (SHIB): Trading at $0.00002465 with a market cap of around $14.51 billion and a daily trading volume of $770 million. The token has declined by 3.3% in the past week.
- Dogecoin (DOGE): Trading at 0.164 USDT with a market cap of roughly $23.73 billion and a daily trading volume of $1.28 billion. The token has seen a 0.7% increase in the past week, maintaining its position as the largest meme coin by market cap.
Amid PEPE’s impressive rise, Bitrue has observed a significant shift in user trading sentiment. Data reveals that 71% of traders currently hold long positions on PEPE, reflecting a bullish outlook and growing confidence in the coin’s potential.
To support this trading enthusiasm, Bitrue offers a liquidation insurance program, ensuring a secure and worry-free trading experience for its users. To further engage its user base, Bitrue will also introduce a Guess-To-Earn event on the 31st of May at 00:00 UTC, asking participants to predict whether PEPE will surpass an $8 billion market cap before June 7. This event includes a prize pool of $10,000 in Futures Trial Funds for those who correctly predict PEPE’s market performance. More details will be shared on Bitrue’s official X account.
Disclaimer
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
