PEPE is Rallying, Number of Holders Plateauing
PEPE, a meme coin with no utility, has surged in value over the past week, outperforming popular cryptocurrencies like Bitcoin and Ethereum. However, Etherscan data shows that the number of PEPE holders has plateaued, causing some concern about the token’s prospects. Despite the astonishing 1,200% surge in value, the plateauing holders’ growth could be a warning sign for the meme coin’s future.
Factors Contributing to PEPE’s Performance
The impressive performance of PEPE can be attributed to several factors, including its association with the popular “Pepe the Frog” meme, which has helped drive interest from the crypto trading community. Additionally, the ongoing popularity of meme coins in general has likely played a role in PEPE’s meteoric rise.
PEPE Listing on Binance
The listing of PEPE on Binance’s Innovation Zone and derivatives exchange contributed to the meme coin’s rapid rise. The token has gained substantial market share since the listing, becoming a popular trading option on both Binance and Uniswap v3. Crypto.com has also announced the launch of PEPE perpetual futures, providing additional trading options for the coin.
The Effect of Binance Listing on PEPE Holders
The plateauing of PEPE holders is attributed to the token’s listing on Binance. Prior to the listing, users had to purchase the token and store it in non-custodial wallets before exchanging it on Uniswap. The ease of trading on Binance likely contributed to the slowdown in holder growth, as well as the token’s impressive performance.
Potential Risks and Future Outlook
While the current trend of meme coins, including PEPE, continues to dominate the market, the sustainability of such coins remains a concern for many investors. The plateauing number of holders may indicate that the market is becoming saturated, which could eventually lead to a decrease in value.
While PEPE coin’s value has surged, the number of holders has plateaued, raising questions about the meme coin’s future performance. As the crypto trading community continues to watch this trend, it remains to be seen how PEPE will fare in the coming days. The ongoing interest in meme coins, combined with potential risks and market saturation, could lead to unpredictable outcomes for the coin’s future.