OpenSea Pro Adds PEPE Memecoin to Payment Methods
OpenSea Pro, the dedicated platform for traders launched by the popular NFT marketplace OpenSea, has made a significant announcement on May 10th. The platform has started accepting payments using the crypto asset Pepe Memecoin (PEPE), a token that has been gaining momentum in the cryptocurrency market.
OpenSea Pro is a renamed version of the NFT aggregation platform Gem, which was acquired by OpenSea in April 2022. It provides high-performance tools for efficient trading by linking data with more than 170 marketplaces. The platform supports various chains such as Ethereum, Polygon, Klayton, Solana, Arbitrum, Optimism, Avalanche, and BNB. Major payment methods include cryptocurrencies such as ETH, SOL, AVAX, USDC, BNB, and DAI.
— OpenSea Pro (@openseapro) May 9, 2023
Memecoin PEPE has been making headlines in the crypto world since its launch on April 12, 2023. In just three days, the token increased by more than 21,000%. With a current market capitalization of over $830 million, PEPE ranks 57th in the cryptocurrency market. The PEPE ecosystem continues to grow day by day, and the number of token holders has exceeded 100,000 addresses. Over 53,000 people have joined the official Telegram group and over 250,000 followers on Twitter.
However, the surge in trading volume of PEPE on decentralized exchanges (DEXs) has caused a skyrocketing in Ethereum’s network fees, or so-called “gas prices.” In the first week of May, the average Ethereum gas price exceeded 100 gwei, the highest since May 2022. This has led to an increase in the staking reward rate of Ethereum (ETH), reaching a post-merge high of 8.6%.
OpenSea Pro’s decision to accept PEPE Memecoin as a payment method could further drive the adoption of this cryptocurrency. It will be interesting to see how this move will affect the trading volume of PEPE Memecoin and its position in the cryptocurrency market in the coming days.
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