The digital currency ecosystem experienced a unique weekend, with price volatility across the market resulting from varying investor sentiment. Notably, the listing of memecoins, including PEPE and FLOKI, on Binance made headlines. Despite marking a significant milestone for these coins, their prices took an unexpected plunge following the listing.
PEPE, in particular, had been on a remarkable growth trajectory, hitting new all-time highs (ATHs) and achieving a market capitalization of $1.17 billion. This brought the coin to the 42nd largest altcoin position. However, following its listing on Binance, PEPE experienced a significant loss in value as early buyers and whales sold their assets to take profit. This event led to extreme volatility, prompting Binance to suspend market order functions for PEPE, FLOKI, and Shiba Inu.
Although PEPE’s trading volume decreased by over 56%, the price has since started to regain momentum. At the time of writing, the token trades at $0.000002991, marking a marginal growth of 1.35% over the past 24 hours.
As the memecoin hype continues, observers wonder whether it will come to an end soon, especially given the recent Binance listing. Some whales and influencers reportedly missed out on the PEPE hype, and others are curious to know if it’s too late to buy in.
It’s essential to understand that PEPE and other memecoins currently represent a movement that may continually be recycled. The coin’s listing on Binance could result in a significant price correction, but if the core developers continue to introduce additional utility and unique ecosystem updates, PEPE’s hype may just be starting.
However, the current volatility should prompt caution among investors. According to Chris Blec, the memecoin revolution may come back to hurt some unsuspecting investors. As with any investment, thorough market research should be conducted before making any decisions, as neither the author nor the publication can be held responsible for personal financial loss.
Source: Coingape
