PEPE might emerge as the meme coin savior if this rumor ends up being true
- PEPE coin triggered the meme coin hype earlier this month, amassing a market capitalization of $113 million in ten days.
- Other top meme coins, such as Dogecoin and Shiba Inu, resorted to following Bitcoin’s cues despite Floki Inu charting its own path.
- Rumors of Binance listing PEPE arose after the exchange published a buying guide for PEPE coin.
PEPE coin triggered the meme coin hype after a very long time when it launched on April 17. The sudden upsurge in investment and general interest in the cryptocurrency made it seem like such coins might command the market for the next couple of days.
However, not only did that fail to happen, these coins’ hype came to an end soon after.
PEPE brings meme coins into the spotlight but in a bad way
While PEPE coin did initiate the meme coin upsurge over the last two weeks, which failed to translate into growth for the already existing bunch of meme tokens. While PEPE countered the bearishness of the market on April 19 and the subsequent days, the likes of Dogecoin, Shiba Inu, Dogelon Mars and Baby Doge Coin all stuck to follow the broader market cues.
For a while, investors suddenly did turn bullish, and DOGE and SHIB noted an increase in investors. In the case of Dogecoin, the total number of investors holding a balance increased by close to 80,000 to 4.49 million in the span of a week, and the active addresses on-chain shot up to 107,000 against the average of 55,000.
Dogecoin active addresses
Although, now that the hype has died down, all meme coins that had the potential of charting gains are following Bitcoin’s price action. At the same time, investors are going back to being silent, reinforcing the “meme coin standard”. This standard suggests that meme/shit coins investors’ participation is only visible during moments of a rally where they potentially cash their profits before disappearing again, leaving the cryptocurrency with no solid support.
Read more about the “meme coin standard” here - Floki Inu price rallying by 50% triggers investors’ interests, lives up to the “meme coin standard”
Nevertheless, for those who live and breathe mem coins, the PEPE coin is still commanding a substantial audience on social channels. At the time of writing, nearly 3 out of every 100 queries regarding crypto were in the name of PEPE coin, higher than even Dogecoin.
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PEPE social volume
To add to that, Binance recently added an official PEPE buying guide which crypto Twitter is assuming could be a hint that the coin might get listed on the exchange soon.
BREAKING:@cz_binance / @binance have already added an official $pepe buying guide to https://t.co/uF9LvR4af0
— PAULY (@Pauly0x) April 27, 2023
This could be a prelude to an official listing announcement. https://t.co/uMdWdH9xa8 pic.twitter.com/NKUhZb7O4d
At the moment, the meme coin is listed on the likes of Bitget, BingX, CoinW, etc., smaller exchanges, but not on the likes of Binance, Coinbase, Kraken, etc.
If this rumor ends up being true and PEPE coin finds itself listed on Binance, it might be able to reinvigorate the dying meme coin hype, which may not be the best thing for the crypto market.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
