Pepe course explodes by 1,500 percent

The memecoin Pepe records an incredible price explosion of 1,500 percent in the weekly trend. The fun currency places among the top 50 and, with FLOKI, pulls another ERC-20 token into the top 100. None of the projects has an intrinsic value.

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Pepe course explodes by 1,500 percent: New memecoin conquers the market

Once again, a memecoin achieves an incredible rise. This time it’s Pepe (PEPE) – a fun currency that has the frog of the same name as its symbol, which has been firmly anchored in the meme culture of the Internet for years.

Pepe only started in mid-April, quickly recorded huge price gains and received a lot of attention. After a few days, the memecoin reached the top 100 cryptocurrencies for the first time.

In the last seven days alone, Pepe has increased in value by a whopping 1,500 percent while most major cryptocurrencies remain at a stable market price. At the time of writing, Pepe has a market cap of $1.6 billion, ranking 39th among all cryptos.

As befits a useless memecoin, the circulating supply is extremely high at almost 392 trillion pieces. The current price of a coin has the corresponding number of decimal places – this is 0.000004200 US dollars.

There is no actual reason for the sudden rise. Pepe has no intrinsic value. Only two factors act as price drivers here: the joy of the meme and the hope of profit.

The climber also recorded gains in the 24-hour and 1-hour trend. Here the cryptocurrency grows by 160 percent and 12 percent.

Pepe is also encouraged by large companies in the industry. Binance lists the memecoin and opened trading on the asset a few hours ago, significantly expanding the audience.

Other big players like KuCoin or Crypto.com, who also offer the system, also want to benefit from the bull run. Measured by its trading volume, Pepe is already at the top.

In the last 24 hours, Pepe’s trading volume is $1.7 billion. This puts the currency in 6th place and is the leader of the memecoins.

FLOKI also jumps into the top 100

While large parts of the crypto market have reached a critical, rather cautious phase, another memecoin is also making the ascent. FLOKI (FLOKI) also jumps into the top 100. The fun currency is currently ranked 89th.

In the 24-hour trend, Floki’s market value increases by 60 percent. The market capitalization is half a billion US dollars and the circulation supply is also immense here – 9.7 trillion coins already exist.

Both memecoins – PEPE and FLOKI – are ERC-20 tokens. Ethereum’s token standard is already known to be used for money scams.

Swiss investors are averse to memecoins

Data aggregator CoinGecko noticed the extreme run on the two memecoins and evaluated which countries the search queries came from. It became obvious: Swiss investors are averse to memecoins.

By far the greatest interest in digital systems such as Pepe and FLOKI comes from the USA, India and Great Britain. Another Asian country, the Philippines, follows a long way behind.

Before the rise of the two newcomers, the memecoin Shiba Inu (SHIB) saw the most interest in the market.