The Memecoin PEPE has been causing quite a stir among crypto investors as it experienced a massive price rally over the last week, with 50% gains within 24 hours and its market cap catapulting to $1.2 billion. The crypto asset has registered significant spot trading volumes, following major cryptocurrencies like Bitcoin and Ethereum, and outpacing stablecoins such as USDT and USDC.
Examining the exchange breakup, OKX contributed the largest trading volume of $650 million, while the futures trading volume has been primarily concentrated on Binance. Notably, Binance plans to list PEPE Coin in the innovation zone, set to commence spot trading from May 5. The influx of liquidity could potentially propel PEPE’s price rally even further.
An interesting fact recently emerged about PEPE’s contract code, revealing that nearly $8 million worth of coins have been locked forever. The contract address in question, 0xAf2358e98683265cBd3a48509123d390dDf54534, was blocked by the PEPE deployer and holds a total of 2519324010963 tokens. However, these coins have been made inaccessible.
Crypto enthusiast @0xCygaar explained that the blacklisted address purchased PEPE within hours of the Uniswap pair being launched and was blacklisted by the PEPE deployer just eight minutes after purchasing the tokens. No other address has been blacklisted, and these blacklisted addresses can never be modified as the ownership of the contract has been renounced.
Despite the existence of a burn functionality in the contract, no additional minting functionality is available. This controversial move by the PEPE deployer has resulted in a mix of opinions among the crypto community, adding fuel to PEPE’s sudden rise in popularity and market activity.
While some view the locked coins as a limitation to the coin’s potential, others argue that it could create a sense of scarcity, igniting further interest and demand. The inclusion of PEPE Coin in Binance’s innovation zone will likely lead to increased liquidity and open the door to new investors. As always, conducting thorough market research is crucial before making any decisions related to cryptocurrency investments. The rapidly changing market conditions necessitate a wide scope of knowledge and a keen eye for potential risks and rewards.