Home » PEPE coin tops $1.2 billion in market capitalisation, blows away fees on Ethereum (ETH) and arrives on Binance

PEPE coin tops $1.2 billion in market capitalisation, blows away fees on Ethereum (ETH) and arrives on Binance

by Patricia

The PEPE coin, the memecoin in vogue on the Ethereum blockchain (ETH), has been enjoying great success recently, with a market capitalisation that has just exceeded $1.2 billion. The token was also listed on exchange platform Binance today, as its highest price (ATH) continues to rise daily.

PEPE to the moon

More than 2 weeks ago, the PEPE corner had reached $110 million in market capitalisation in the space of a few days. Today, the craze for the new memecoin of the moment is showing no signs of abating – on the contrary, its market capitalisation has just exceeded $1.2 billion.

Although memecoins are particularly prone to (very) high volatility, PEPE still stands out. In fact, over the last 7 days, its price has risen by more than 1,040%, enough to make similar altcoins pale in comparison. FLOKI, for example, has gained ‘only’ 42% over the same period, in comparison.

Figure 1 - Representation of the biggest winners and losers over the last 7 days (Top 100)

Figure 1 – Representation of the biggest winners and losers over the last 7 days (Top 100)


As the PEPE token is on the Ethereum blockchain (ETH), the memecoin craze has not been without impact on the network’s fees, which have literally reached their highest average price (ATH) in the last 12 months. Indeed, on 2 May, the average cost of a single transaction on Ethereum exceeded $17.12.

Figure 2 - Evolution of the average cost of a transaction on Ethereum

Figure 2 – Evolution of the average cost of a transaction on Ethereum


Over the last 24 hours, almost $200 million worth of PEPE tokens have been traded on the decentralised Uniswap exchange (UNI), the first protocol to host memecoin. This puts PEPE in 3rd place in terms of volume traded on Uniswap, behind ETH and USDC, but ahead of USDT and WBTC.

PEPEPEPE is the most widely traded memecoin in the world.

PEPE arrives on Binance

Binance, the world’s largest cryptocurrency trading platform in terms of volume traded, listed PEPE and FLOKI on the day this article was published. PEPE is therefore available for trading on the PEPE/USDT and PEPE/TUSD pairs.

According to Dune data shared by @thiccythot_ on Twitter, to date, more than $10 million would have been needed to cover trading fees for PEPE on Ethereum, if further proof of memecoin’s success were needed.

Furthermore, as Arkham Intelligence has pointed out, there is massive on-chain activity on Ethereum, with 33,500 ETHs currently being burned every week, the equivalent of $63.8 million.

As Binance points out in its press release announcing the PEPE listing (and as is also indicated on the memecoin website), the token has absolutely no use other than speculative interest. So if you decide to invest, be aware of the extreme volatility risk of this type of asset.

PEPE entered the top 100 most capitalised cryptocurrencies on the market on 1 May, and is now in 42nd place according to CoinGecko, ahead of Algorand’s ALGO, Fantom’s FTM and MultiversX’s EGLD.

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