The crypto market has been taken by storm with the introduction of PEPE Coin, which quickly climbed the ranks and joined the top 100 crypto tokens by market size in just two weeks. The excitement surrounding this memecoin has spread to other such coins, leaving the rest of the crypto market in a subdued state as Bitcoin price experienced sideways movement in the past few weeks.
This situation seems to have changed, however, with the listing of PEPE on some of the top crypto exchanges. These listings have come at an opportune time for the memecoin, giving it a timely boost. Meanwhile, Bitcoin experienced positive momentum recently as it surpassed the $28,000 mark, following the US CPI data release. The annual US Consumer Price Index (CPI) inflation came in at 4.9% for April 2023, lower than the expected 5%. In contrast, PEPE has seen a 103% rise over the past 7 days and a sideways pattern since its Binance listing.
There are still two major platforms that have yet to list PEPE – Robinhood and Coinbase. Influential voices in the crypto market have speculated on the possibility of Robinhood listing this memecoin soon. One tweet by a popular influencer mentioned that Robinhood should list PEPE next, while another Twitter account predicted that the memecoin will be listed on Robinhood by May 19, 2023.
In addition to the buzz surrounding PEPE, this period has also seen positive price movements for other major cryptocurrencies like Bitcoin and Ethereum. The rise coincided with the US CPI inflation cooling to 4.9%.
This comes as Galaxy Digital, a crypto giant, is moving its operations offshore due to regulatory headache in the United States. Such developments are bound to affect the larger crypto landscape, and it remains to be seen how this will impact PEPE and other memecoins.
It is essential for investors to conduct thorough market research before putting their money into cryptocurrencies, as the presented content may include personal opinions of the author and market conditions are subject to change. Neither the author nor the publication holds any responsibility for investors’ personal financial losses.
Source: Coingape
