PEPE, a memecoin launched on April 14, fell 18.81% to US$0.0000002626 in the 24 hours to 7 p.m. on Monday in Hong Kong. The coin is still up over 392% on the weekly chart and has a market capitalization of US$116 million, according to DEXTools.
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- PEPE is an Ethereum-native ERC-20 memecoin based on Pepe the Frog, a cartoon character that became a popular internet meme also known as the “sad frog meme.”
- Memecoins are cryptocurrencies based on internet memes that became popular with retail investors after tokens like Dogecoin and the Shiba Inu token grew to multi-billion dollar assets.
- Growing demand for PEPE could lead to higher gas fees on the Ethereum network. Gas fees spiked to a one-month high of 81.95 Gwei on Wednesday, a day before PEPE reached its all-time high of US$0.0000004036, according to CoinMarketCap.
- PEPE announced its first token airdrop on Monday, to celebrate reaching 50,000 holders.
- “$PEPE” has been trending on Twitter since last week and is currently the fifth most trended crypto on DEXTools.
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