In a recent development, another top crypto exchange, Gemini, has joined the ranks of Binance, OKX, and Huobi in listing the PEPE meme coin, causing the price of the frog-themed meme coin to surge over 800% to $0.0000040 and its market cap to skyrocket beyond $1.5 billion.
Gemini co-founders Tyler and Cameron Winklevoss premiered the news on Twitter last week, and now users can begin making deposits on the Gemini website and ActiveTrader application. According to the official blog post, API/FIX and ActiveTrader applications will be the first to open trading for the USD trading pair, with Gemini later making the service available on its mobile app and website for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.
Meanwhile, Binance continues to expand its support for newly listed meme coins PEPE and FLOKI by adding them to all products and services, despite initially listing them in the Innovation Zone.
The PEPE price has experienced a rollercoaster ride, with popular crypto analyst Michael van de Poppe predicting a drop to support levels $0.00000168 and $0.00000148 before making a comeback. This prognosis came to fruition, with the price now recovering from these levels and rising higher. His latest analysis foresees a rejection around $0.00000220-$0.00000240 before falling back to $0.0000014, at which point a significant relief rally may begin.
However, it’s worth noting that the trading volume has decreased in the last 24 hours, hinting at a decline in trader interest. While the short-term impact of PEPE’s listing on major exchanges is apparent, the long-term sustainability of this meme coin remains a topic of speculation. Considering past experiences with similar meme coins, a balance must be struck between the appeal of these tokens and the risk they may carry for investors.
Although the uptake of PEPE has been staggering, investors should approach this burgeoning market with caution, as it may not necessarily guarantee long-term growth. With the PEPE’s price fluctuations and trading volume decrease, it is crucial to perform thorough market research and carefully consider the potential consequences before investing in cryptocurrencies like PEPE.