Memecoin fever continues.
OKX, a Seychelles-based cryptocurrency exchange and derivatives exchange, has jumped on the memecoin bandwagon, listing Pepe (PEPE) on May 1st at 17:00 Hong Kong Time (HKT).
On top of that, on May 2nd, the crypto exchange opened withdrawals for the token.
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In its May 1st announcement, OKX described PEPE as:
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; this is one of the most popular memes in the world.
The frenzy surrounding memecoins has grown over the past two weeks, with several other exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, listing Pepe trading pairs.
Since April 17th, the token has returned an impressive 1,848%, trading at $0.000001056 per token at the time of publication. Following OKX's listing announcement, Pepe's price surged over 50% in 24 hours.
Pepe (PEPE) has a market cap of $444.5 million. Based on the Etherscan data, over 78,000 investors are holding PEPE tokens in their wallets. The data revealed that one wallet owns $5.6 million worth of PEPE.
Developed anonymously on the Ethereum blockchain, the Pepe token was created as a tribute to the Pepe the Frog meme, with the intention of capitalizing on the memecoin craze of coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Despite the excitement surrounding the Pepe token, OKX staff issued a word of caution in their listing announcement, stating:
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.
The memecoin craze began at the end of April when the Ethereum network experienced a multi-month high in gas fees.
