- Binance is offering Pepecoin trading in PEPE/USDT, and PEPE/TUSD trading pairs leading the 24-hour trading volume for PEPE to shoot above $3 billion.
- The frenzy around the ERC20 Pepecoin has led to a massive surge in the Ethereum gas fee.
The ERC20 frog-themed memecoin aka Pepecoin (PEPE) has created a massive frenzy in the market recently giving investors multifold returns within two weeks of launch. Amid this strong popularity surge of PEPE, the world’s largest crypto exchange Binance announced that it will list PEPE in the innovation zone.
The exchange said that it will support spot trading for PEPE from May 5th. As per the announcement, Binance will list two spot trading pairs PEPE/USDT, PEPE/TUSD. As of press time, PEPE is trading 33.53 percent up over the last 24 hours at a price of $0.000002799. In no time, it has also climbed up among the top 50 cryptocurrencies with a market cap above $1 billion.
Now, the listing of PEPE on Binance will also give the memecoin a massive liquidity boost driving the price even higher. This could also lead to strong volatility for PEPE going ahead. On the other hand, the 24-hour trading volume for Pepecoin (PEPE) has jumped over $3 billion, the second coin to do so after Bitcoin and Ethereum.
Soon after Binance announced that it would allow spot trading for PEPE coins, a whale moved a staggering $15 million worth of Pepecoins to Binance. As per data on Lookonchain, the whale entity has already profited nearly $15 million amid the strong surge in the PEPE price. Going ahead, this whale could possibly induce strong selling pressure on PEPE.
This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.
His average buying cost is $0.0000002535, and the profit is ~$14.5M now!
He may sell after opening trading, watching out for the price change.⚠️ pic.twitter.com/7UoNYG9PJb
— Lookonchain (@lookonchain) May 5, 2023
PEPE Frenzy Boosts Ethereum Gas Fee to 12-Month High
The frenzy around the ERC20 frog-themed memecoin has recently pushed the gas fee on the Ethereum blockchain to a 12-month high at 87 gwei. Ever since the launch of Pepecoin (PEPE) last month on April 18, the Ethereum gas fee has jumped by 50 percent as per pseudonymous analyst @hildobby’s Ethereum Gas tracker on Dune Analytics.
This increase in the gas price represents the strong demand for the Ethereum network, which is coming mainly from the traders of Pepecoin. Scimitar Capital’s Alex has also tweeted that Pepecoin traders have accounted for more than 410,000 transactions on Uniswap, burning about $10 million worth of gas.
I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics
PEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks 🤯
1/🧵 pic.twitter.com/9lZxGGjtT5
— Alex (@thiccythot_) May 5, 2023
The frenzy around Pepecoin is so strong that Uniswap’s pepecoin-wrapped ether (PEPE-WETH) liquidity pools also became the most active liquidity pool in terms of the number of transactions.
However, as the PEPE traders start booking profits, the total number of active deposits on the Ethereum blockchain has jumped to a 1.5-year high as traders have been moving all the PEPE profits to ETH, as per on-chain data provider Santiment. Thus, this led to a price surge in ETH which is now attempting a breakout above $2,00. Santiment reported:
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Exchange addresses interacting on the Ethereum network is now at its highest level since November, 2021. As expected, $ETH is showing decoupling signs and on the cusp of breaking $2k once again.
Courtesy: Santiment
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