Key Point

• Exchange listing, the surge in Google search shoots up the price of PEPE tokens
• PEPE is now one of the top 100 cryptocurrencies by market cap

The newly born meme coin PEPE is the new crypto superstar in town; it has blown faster than expected after hitting a market cap of $590 million two weeks following its launch, making it one of the top 100 largest cryptocurrencies by market cap.

To leverage the popularity of meme coins such as Dogecoin, the anonymous PEPE Coin creators launched the meme coin on ERC-20 about two weeks ago as a “tribute to Pepe The Frog internet meme,” as per Coingecko.

Why is PEPE Pumping?

Since the launch of PEPE, the meme coin has returned to investors over 2,000% since April 17; in fact, one investor reportedly holds over $1 million in PEPE after buying the token for just $250, and it all happened within a few days.

The pump in the token within a short period can be attributed to various reasons; one is the surge in the rate at which people were searching for information about the meme coin on Google as if it’s the solution to all their problems. Between April 9 and 16, the search surged by over 300%.

Another reason for the unimaginable rise in the price of PEPE token is its listings on top crypto exchanges.

For instance, on Monday, crypto exchange OKX announced that it is listing the token on its exchange; this alone triggered a rise in the price of PEPE by 50%.

Other top cryptocurrency exchanges like MEXC, Gate.io, and Huobi, amongst others, have listed PEPE; therefore, its continuous gain of momentum should not come as a surprise.

Also, according to Nansen’s ETH analytics dashboard, more than 30 smart wallets purchased PEPE worth $1 million last week alone.

Some meme coins have followed a similar pattern in the past; two of them are popular meme coins, namely Shiba Inu and DOGE. Dogecoin rose by over 22,000% in 2021, thanks to the self-acclaimed “Dogefather” Elon Musk, who promoted the token. Also SHIB, another meme coin surged by over 1,000% during the last crypto bull run.

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