PEPE, a meme-based token inspired by the Pepe the Frog meme, has experienced a significant price decline of 78% from its May 2023 peaks. However, despite the price drop, the number of token holders continues to rise.
The Rise of PEPE and Meme Coin Culture
PEPE gained widespread recognition as a meme coin shortly after its launch in late April 2023. The token witnessed exponential price growth, propelled by the momentum of the meme coin culture. This surge in popularity propelled PEPE to climb the market cap rankings, securing a position within the top 100 cryptocurrencies.
Current Market Position and Price Fragility
As of June 19, 2023, PEPE holds the 89th position in terms of market capitalization, which stands at $364,936,703, according to CoinMarketCap.
Despite experiencing a significant price decline of 78% from its May 2023 peaks, PEPE’s market position remains fragile and prices remain volatile.
Token Holder Growth and Significance
Despite the downward trend in prices, the number of PEPE token holders continues to grow. With over 119,000 unique addresses holding the token, there is a clear indication of sustained interest and accumulation among users. In the crypto industry, the number of token holders often serves as a measure of community support, indicating strong interest and potential success for projects.
PEPE’s Lack of Utility and Token Holder Speculation
While PEPE has gained a significant number of token holders, it is important to note that the token lacks utility and does not offer any intrinsic value or financial returns.
The token is purely deflationary and serves as a form of entertainment. However, the rising number of holders reflects the speculative nature of the token, driven by the meme coin culture and potential investment opportunities.
Binance Delisting PEPE from Flexible Loan Program
In response to increasing regulatory scrutiny, Binance announced its plans to delist PEPE as a borrowable asset from its Flexible Loan program. The delisting is set to take effect on June 21, accompanied by the cancellation of any open PEPE loan holdings.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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