Pepe coin tops $1 billion market cap even as Binance flags lack of utility

the amount of ether getting burned on the network, which is now up to around $60 million per week.

Despite the huge paper gains, those looking to cash in by selling might struggle with a lack of liquidity. A Nansen report this week highlighted$2.2 million of the token but only receiving $650,000 in ether “due to massive slippage.” Despite the skepticism, Markus Thielen, head of research at Matrixport, highlighted that renewed interest in memecoins could have wider importance for crypto markets.

"Under the surface, we are starting to see increased activity that the more speculative parts of the crypto industry are awakening after almost a year in hibernation," Thielen wrote in a report. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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PEPE memecoin hits $1 billion market cap fueled by Binance listingA new memecoin called Pepe, drawing both its namesake and likeness from the iconic “Pepe” meme, has surged by over 85% in the last 24 hours to surpass a $1 billion market cap. In 2021, $DOGE surged by over 23,000%, mainly due to the vocal support for the token espoused by billionaire Elon Musk on Twitter. Similarly, $SHIB surged by over 1,250% during the 2021 crypto bull market after using Dogecoin as a springboard for its popularity.
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