PEPE coin is up 38,900%

On Sunday, the ERC-20 token PEPE achieved the status of the 17th most traded cryptocurrency by 24-hour trading volume, as per data from CoinGecko. The token's swift rise has propelled it into the top 125 cryptocurrencies by market capitalization.

While meme coins like Dogecoin and Shiba Inu have generally mirrored Bitcoin's movements, PEPE made a splash in mid-April, amassing a market cap exceeding $326 million in under a fortnight.

Inspired by Pepe the Frog memes, PEPE tokens have followed a familiar trajectory driven by social media hype. However, it remains uncertain whether PEPE will fade away like many previous projects or continue to captivate the internet.

The meme coin market experienced another surge of enthusiasm when Binance released a PEPE buyers guide several days later. Although the guide only recommends using a decentralized exchange for purchasing PEPE, it sparked speculation that Binance might list PEPE on its platform.

Investing in meme coins carries significant risk. Their value is largely dependent on online buzz, and they are highly susceptible to price manipulation. Additionally, even if investors accumulate PEPE tokens at their peak value, they may struggle to cash out due to limited liquidity.

Originally created by American cartoonist Matt Furie in 2005, Pepe the Frog has taken on various roles, including a 4chan inside joke, an alt-right symbol, and a sign of defiance used by Hong Kong protesters. The future trajectory of this meme remains unpredictable.