PEPE Memecoin Skyrockets 2100% Since Launch, Uniswap Liquidity Pool Buzzing with Activity
The world of cryptocurrency has been buzzing with the recent success of PEPE, a new memecoin that has quickly become one of the most popular coins on the decentralized exchange Uniswap. Since its debut just a few weeks ago, the hype-fueled coin has seen an incredible surge in price, jumping more than 2,100% and becoming a top trending cryptocurrency on price tracker CoinGecko.
According to data platform Nansen, Uniswap’s V2 and V3 liquidity pools for PEPE-WETH have been the most active liquidity pool contracts by number of transactions in the past seven days, with more than 82,750 and 72,950 transactions, respectively. These two liquidity pools have accrued nearly $900,000 in fees during this time period, highlighting the recent obsession with PEPE tokens.
However, this success was not without its challenges. Traders were hit hard over the weekend due to an absence of liquidity, resulting in significant slippage for those attempting to convert large amounts of PEPE for other currencies like ether (ETH). Despite this setback, PEPE has been listed on several centralized exchanges, including OKX, MEXC, and Huobi, and has seen its trading volume surpass even that of the largest memecoins in the crypto ecosystem, dogecoin (DOGE) and shiba inu (SHIBA).
Unfortunately, the excitement surrounding PEPE came to an abrupt halt on May 3 when the coin entered a sharp correction phase, dropping to $0.00000096, down about 35% from its record high of $0.00000138 established just two days prior. As a result of the correction, its market capitalization slipped by nearly $80 million, pushing it out of the top-100 top cryptocurrency index.
Despite this setback, the frog-based memecoin remains one of the most researched tokens across each of blockchain analytics firm Nansen’s lite, standard, and VIP subscription tiers, highlighting the continued interest in this new and exciting coin. As the world of cryptocurrency continues to evolve and grow, it will be interesting to see how PEPE and other memecoins fare in the coming months and years.
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