PEPE memecoin sees 50% surge in price following OKX listing

Cryptocurrency exchange OKX made a major announcement on May 1, revealing its decision to list the memecoin Pepe (PEPE). The listing was set to take place at 4:00 am UTC on May 3, with Pepe withdrawals to open the following day at the same time.

The decision to support the listing of Pepe was based on the popularity of the internet meme created by cartoonist Matt Furie. OKX staff described Pepe as “one of the most popular memes in the world,” noting that it was designed as a green frog with a human-like body.

While Pepe was listed on several other cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, OKX’s announcement seemed to create a trading frenzy. The token had already seen significant gains since April 17, with a return of 2,340%. As of publication, Pepe was trading at $0.0000010282 a token.

PEPE/USDT 1 hour-chart | Source: TradingView

In the 24 hours following the OKX listing announcement, Pepe’s price surged over 50%, indicating the high level of interest in the token. This sudden interest in Pepe may be due to the increasing popularity of memecoins, which are tokens based on internet memes and have gained significant attention in the crypto community.

However, it is important to note that memecoins are often considered highly speculative and carry significant risk for investors. As with any investment, it is crucial for individuals to conduct thorough research and exercise caution before making any decisions.

Overall, OKX’s decision to list Pepe reflects the ongoing growth and evolution of the cryptocurrency market, particularly in relation to the rise of memecoins. While the hype surrounding these tokens may be exciting, it is important for investors to approach them with caution and always be mindful of the potential risks involved.

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