Cryptocurrency exchange OKX has announced the listing of Pepe (PEPE), a memecoin inspired by the popular internet meme “Pepe the Frog.” The exchange began trading Pepe on May 1, with withdrawals opening on May 2.
The rise of Memecoins: Pepe joins the ranks
Memecoins such as MongCoin (MONG) and PEPE have recently caught the eye of crypto traders. MONG token surged by 74% in just 24 hours. On the other hand, Pepe coin entered the 100 top cryptocurrencies in the market, soaring 111% overnight.
Pepe the Frog, created by cartoonist Matt Furie, was developed on the Ethereum blockchain as a tribute to the meme, aiming to capitalize on the success of other memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Several other cryptocurrency exchanges, such as MEXC Global, Bitget, Gate.io, and Huobi, listed Pepe trading pairs two weeks before OKX. The token has seen a return of 2,340% since April 17 and experienced a 50% surge in price within 24 hours of the OKX listing announcement. Pepe is currently trading at $0.000001223 per token.
In 2021, Dogecoin (DOGE) saw a staggering 23,000% increase, partly due to Elon Musk’s vocal support on social media. Similarly, Shiba Inu (SHIB) experienced a 1,250% surge during the 2021 cryptocurrency bull market, riding the coattails of Dogecoin’s success.
Despite the excitement surrounding Pepe and other memecoins, OKX staff urged caution in their listing announcement. They reminded investors that digital assets are innovative investment products with high price fluctuations and risks, and encouraged potential investors to thoroughly understand digital assets, assess their investment abilities, and make prudent decisions.
