PEPE coin surges 250%, and market cap crosses $1.5 billion ahead of Binance listing

PEPE coin is nearing the three-week mark since its launch, still banking on its absurd origins. The meme coin is now beginning to find more support from one of the biggest mainstream crypto players, which facilitated new heights for the cryptocurrency.

Read more - PEPE whale turns $27 into more than $4M, but can never cash out

PEPE coin joins the big boys

PEPE coin on May 5 witnessed exceptional growth as the cryptocurrency marked new highs. Rising by more than 250% in the span of 24 hours, the meme coin is now trading at $0.0000037. Apart from the general bullish hoo-ha surrounding the altcoin, a major catalyst in this rally was an announcement from Binance. 

PEPE/USD 1-day chart

The biggest crypto exchange in the world stated that it would be adding PEPE coins with USDT and TUSD pairs on the platform starting May 5. This listing would basically legitimize the meme coin as Binance also attempts to capitalize on the present hype as well as the interest generated by the announcement. Along with PEPE, FLOKI is set to be listed on the exchange, which also led to a 65% rally in Floki Inu price.

This led to the PEPE coin market capitalization crossing the $1 billion mark resulting in its position in the crypto space moving up. At the time of writing, PEPE is among the top 50 cryptocurrencies in the world, valued at a total of $1.51 billion.

However, the listing came with its own set of difficulties. Opening deposits before the listing was scheduled to go live attracted users, but soon after, Binance announced the deposits had to be suspended. Owing to a technical difficulty, the listing thus had to be postponed by two hours, although Binance reassured the users that their deposits were completely safe.

Regardless, users seem to be swarming toward the token as the project gained traction pretty rapidly. Over the week, the network growth, i.e., the rate at which new addresses are formed on the chain, has shot up by nearly 250% in the span of a week from 2,765 to 9,613.

This is only expected to increase going further as the meme coin continues to attract the world’s interest. PEPE coin currently has a social dominance of 11.29%, nearly double yesterday’s 6%. This means that 11 out of 100 queries regarding crypto across the social channels are in regard to PEPE.

PEPE coin social dominance

Even the likes of Cardano, Polygon, and Solana, as well as PEPE’s fellow meme coins Dogecoin, Shiba Inu, etc., are nowhere even near similar levels of social dominance. While this may be short-lived for obvious reasons that the asset is a joke, PEPE might be able to secure enough capital to push the market cap beyond $1.5 billion.