Crypto Twitter’s favourite new meme coin Pepecoin (PEPE) has hit one other milestone. With a powerful rally during the last 24 hours, the coin crossed the $1 billion market cap mark and has now solidified its place as a high 100 cryptocurrency. However after rallying over 20,000x since its launch three weeks in the past, what might be driving this recent rally for the meme coin?
Gemini Itemizing Rumors Spurs New Development
On Thursday, Tyler Winklevoss, one of many co-founders of the Gemini change, tweeted a frog emoji that spurred itemizing rumors within the PEPE neighborhood. The tweet which carried solely the only emoji was adopted up by one other tweet with the emoji however this time with the phrases “sounds uncommon” added to it.
Following the tweets, rumors shortly unfold that the change could also be planning to record the meme coin which has been pulling in important quantity since its launch. The rumors had been additional fueled by the PEPE staff shifting its treasury holdings to a multi-sig pockets.
The rationale for that is that bigger exchanges oftentimes require staff treasury funds to be secured earlier than they’re listed. So speculations rose shortly a few doable itemizing and the Winklevoss tweet has the neighborhood satisfied that the Gemini itemizing is coming subsequent.
over the subsequent hour you will notice some transactions happening from $PEPE pepecexwallet.eth.
a multi-sig is being created and the cex-wallet tokens can be transferred to the secure. pic.twitter.com/anh6VGxjeN
— Pepe (@pepecoineth) Could 4, 2023
PEPE Rises 100% In One Day
At this level, it’s now not a shock when PEPE strikes so shortly. However shifting from a $500 million market cap to over $1 billion in at some point in a bear market is a substantial feat. However, that’s what the meme coin did.
Knowledge from on-chain aggregator CoinGecko reveals that PEPE’s value moved from a value of $0.00000114 which it opened the day with to a brand new all-time excessive of $0.00000310. This introduced its market cap to a peak of $1.1 billion.
PEPE reaches new all-time excessive earlier than correcting downward | Supply: PEPEUSDT on TradingView.com
If the Gemini itemizing rumors are true, then the meme coin might be gearing up for a run to $2 billion simply off the itemizing alone. Its 24-hour buying and selling quantity of $800 million can be considerably greater than that of its largest rivals, together with Dogecoin at $253 million and Shiba Inu at $94 million.
The meme coin has already been listed by Binance in its Innovation Zone and extra exchanges are anticipated to comply with go well with.
Curiously, one other 6x transfer from its present value would see the market cap of PEPE flip SHIB, one thing that might be a substantial feat, making it the second-largest meme coin by market cap. Nevertheless, for now, PEPE is resting simply because the third-largest meme coin available in the market.
The neighborhood has additionally grown quickly and as of the time of this writing, the PEPE official Twitter has over 233,000 followers. On-chain information additionally reveals that there are actually nearly 92,000 holders of the lower than one-month coin.
