- Huobi Global will add PEPE/USDT perpetual futures to its cryptocurrency exchange, showing support for the meme coin
- PEPE has seen a massive surge in value, skyrocketing over 900% in just one day.
- A few wallet addresses have accumulated and sold staggering amounts of PEPE, earning massive profits and propelling the coin’s success
In a recent announcement, Huobi Global has shown its support for the latest sensation in the world of meme coins: PEPE. On April 26, 2023, Huobi Global confirmed that it would be adding PEPE/USDT perpetual futures to its cryptocurrency exchange eight days after the coin was listed.
Over the past few weeks, PEPE has caused a frenzy in the crypto world, skyrocketing over 900% in just one day. Investors who got in early have seen returns of around 7,500 times their initial investment. Although the price has dipped from an all-time high of $0.0000004036 on April 20, 2023, it still boasts a 290% increase in value over the last 30 days. As of now, PEPE is averaging a trading price of 0.00000022.
PEPE’s success has stemmed from its growing popularity with wallet address holders. As per LookonChain data, around five addresses are associated with pepecexwallet.eth managed to accumulate over 8.87 trillion PEPE at an initial value of 0.19 Ethereum, equating to roughly $385. These addresses then sold approximately 7.76 trillion of the meme coin on DEX for a whopping $1.23 million, earning a profit of nearly $1.24 million.
Interestingly, another wallet address recently spent around $1 million to purchase PEPE, cementing its position as the 10th biggest holder of the coin. Between April 19 and April 22, 2023, the whale purchased 3.79 trillion PEPE tokens using 422 ETH, or approximately $871k, and 100K USDC, at an average price of $0.000000256.
PEPE’s stellar rise shows no signs of slowing down, and with the backing of Huobi Global, it is poised to become one of the most popular meme coins in the cryptocurrency world.
Memes Contesting Serious Blockchain Projects
Some crypto tokens started as memes, and now they are worth millions of dollars. It is a phenomenon that mirrors the rise of internet culture, with hip new trends often emerging overnight.
For instance, Dogecoin, a cryptocurrency that started as a joke but eventually became a sensation that even Elon Musk openly endorsed. Another example is Shiba Inu, inspired by the famous dog breed, which catapulted to fame due to its insane volatility and market cap. Both tokens did better in 2021 than many altcoins that claim to have an actual use case for people and businesses.
Dogelon Mars took the concept even further by introducing ‘hyperinflation’ to the mainstream. At the same time, Pepe coins found success by capturing the imagination of buyers with unique features and a dedicated community.
While their popularity might seem polarizing, there is something undeniably compelling about a cryptocurrency created out of pure humor, becoming a real investment opportunity. Only time will tell if this trend will last, but for the moment, these digital assets show no signs of slowing down.