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Crypto Twitter’s favourite new meme coin Pepecoin (PEPE) has hit one other milestone. With a formidable rally over the past 24 hours, the coin crossed the $1 billion market cap mark and has now solidified its place as a prime 100 cryptocurrency. However after rallying over 20,000x since its launch three weeks in the past, what could possibly be driving this contemporary rally for the meme coin?
Gemini Itemizing Rumors Spurs New Progress
On Thursday, Tyler Winklevoss, one of many co-founders of the Gemini trade, tweeted a frog emoji that spurred itemizing rumors within the PEPE group. The tweet which carried solely the only emoji was adopted up by one other tweet with the emoji however this time with the phrases “sounds uncommon” added to it.
Following the tweets, rumors shortly unfold that the trade could also be planning to listing the meme coin which has been pulling in important quantity since its launch. The rumors have been additional fueled by the PEPE workforce transferring its treasury holdings to a multi-sig pockets.
The explanation for that is that bigger exchanges oftentimes require workforce treasury funds to be secured earlier than they’re listed. So speculations rose shortly a couple of attainable itemizing and the Winklevoss tweet has the group satisfied that the Gemini itemizing is coming subsequent.
over the subsequent hour you will note some transactions happening from $PEPE pepecexwallet.eth.
a multi-sig is being created and the cex-wallet tokens will likely be transferred to the protected. pic.twitter.com/anh6VGxjeN
— Pepe (@pepecoineth) Could 4, 2023
PEPE Rises 100% In One Day
At this level, it’s not a shock when PEPE strikes so shortly. However transferring from a $500 million market cap to over $1 billion in sooner or later in a bear market is a substantial feat. Nonetheless, that’s what the meme coin did.
Knowledge from on-chain aggregator CoinGecko exhibits that PEPE’s value moved from a value of $0.00000114 which it opened the day with to a brand new all-time excessive of $0.00000310. This introduced its market cap to a peak of $1.1 billion.
PEPE reaches new all-time excessive earlier than correcting downward | Supply: PEPEUSDT on TradingView.com
If the Gemini itemizing rumors are true, then the meme coin could possibly be gearing up for a run to $2 billion simply off the itemizing alone. Its 24-hour buying and selling quantity of $800 million can also be considerably greater than that of its largest opponents, together with Dogecoin at $253 million and Shiba Inu at $94 million.
The meme coin has already been listed by Binance in its Innovation Zone and extra exchanges are anticipated to observe go well with.
Apparently, one other 6x transfer from its present value would see the market cap of PEPE flip SHIB, one thing that might be a substantial feat, making it the second-largest meme coin by market cap. Nevertheless, for now, PEPE is resting simply because the third-largest meme coin available in the market.
The group has additionally grown quickly and as of the time of this writing, the PEPE official Twitter has over 233,000 followers. On-chain knowledge additionally exhibits that there are actually virtually 92,000 holders of the lower than one-month coin.
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