On May 1, the cryptocurrency exchange OKX announced that it would make Pepe (PEPE) memecoin available for sale at 17:00 Hong Kong Time (HKT) and would open Pepe withdrawals on May 2 at 17:00 HKT. Supporting the decision to list it, OKX staff wrote:
“Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body and is one of the most popular memes in the world.”
Several cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, listed Pepe’s trading pairs two weeks earlier, sparking what appears to be a trading frenzy. The token has appreciated 2.340% since April 17 and is now trading at $0.000001223 per unit at press time. Following the news of the listing on OKX, Pepe’s price has risen by more than 50% in the last 24 hours.
Created on the Ethereum blockchain by anonymous developers, the Pepe token was created, according to CoinMarketCap, “as an homage to the Pepe the Frog internet meme,” with the aim of capitalizing on the popularity of memecoins such as Shiba Inu (SHIB) and Dogecoin. (DOGE).
In 2021, DOGE rose more than 23,000%, partly due to American business magnate Elon Musk’s support of the currency on social media.. Similarly, SHIB is up more than 1,250% during the 2021 cryptocurrency bull market after gaining popularity thanks to its sister token Dogecoin. Despite the recent traction, the OKX staff wrote in their Pepe listing announcement:
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing, [OKX] hopes you have a full understanding of digital assets, rationally judge your investment ability, and make investment decisions prudently.”
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