3 - 5 minute read
Cryptocurrency exchange OKX has announced that it will be listing memecoin Pepe (PEPE) for spot trading, with withdrawals opening on May 2. Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body and is one of the most popular memes in the world. The Pepe token was created on the Ethereum blockchain by anonymous developers and was designed as a tribute to the Pepe the Frog internet meme. OKX’s decision to list Pepe comes after several other cryptocurrency exchanges, including MEXC Global, Bitget, Gate.io, and Huobi, listed Pepe trading pairs, stirring what appears to be a trading frenzy.
“Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body; this is one of the most popular memes in the world.”
Pepe’s price has surged over 50% in the past 24 hours following the news of the OKX listing. The token has returned 2,340% since April 17 and is now trading at $0.000001223 apiece at publication. The aim of the Pepe token is to capitalize on the popularity of memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE). In 2021, DOGE surged by over 23,000%, partly due to American business magnate Elon Musk’s vocal support for the coin on social media. Similarly, SHIB surged by over 1,250% during the 2021 cryptocurrency bull market after gaining tailwind popularity from its sister Dogecoin token.
Despite the recent traction, OKX staff wrote in its Pepe listing announcement that “digital assets are innovative investment products with high price fluctuations and risks.” They further urged investors to have a full understanding of digital assets, rationally judge their investment ability, and make investment decisions prudently before investing.
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing, [OKX] hopes you have a full understanding of digital assets, rationally judge your investment ability, and make investment decisions prudently.”
The burst in popularity of memecoins such as Pepe, SHIB, and DOGE has been attributed to their association with popular internet memes and their low prices, making them more accessible to retail investors. However, traders need to be cautious when investing in these assets as they are highly volatile and risky. Therefore, it is essential to have a well-informed strategy and a full understanding of the risks involved before investing.
The Bottom Line
Pepe’s listing on OKX has caused a surge in its price, following the burst in popularity of memecoins such as SHIB and DOGE. However, traders must exercise caution when investing in these assets, as they are highly volatile and risky. It is crucial to have a well-informed strategy and a full understanding of the risks involved before investing.
