Robinhood’s DOGE Stash Unfazed by PEPE Crazy Surge
Robinhood customers continue to hold tight to their DOGE and seem unfazed by the recent surge of new meme cryptocurrency PEPE. The Dogecoin holdings of Robinhood’s customers in their wallets amount to 33,562,118,525 DOGE, worth $2,642,446,278 in USD terms, and representing 24.11% of all Dogecoin supply in circulation.
PEPE, unlike previous meme cryptocurrencies inspired by Shiba Inu dogs and their related memes, takes inspiration from Pepe the Frog memes. The coin was issued in April by an anonymous team of developers, and it has recently become highly popular despite having no utility. The rapid rise in interest has led to many listings on cryptocurrency exchanges, including Huobi and OKX.
Binance announced on Friday that it would be adding PEPE and FLOKI to its Innovation Zone, a section where new promising coins are added. SHIB was recently moved by Binance from the Innovation Zone to a regular trading platform. However, after the announcement, Binance temporarily suspended PEPE and FLOKI deposits due to a technical glitch; operations were restored a few hours later.
In the past week, PEPE has been showing tremendous price surges of 51% and higher. As of this writing, the Frog-themed meme coin is trading at $0.000002966, according to data provided by CoinMarketCap. This makes PEPE a more expensive meme coin than Shiba Inu, ranked 15th and trading at $0.000009656. Shiba Inu is the second-largest canine cryptocurrency by market cap, with Dogecoin leading the pack. PEPE already ranks 42nd on CoinMarketCap.
Whales and “Smart Money” wallets have been clamoring to buy the new trendsetter cryptocurrency. A prominent “Smart Money” whale, who purchased several hundred SHIB in 2021 for a mere $224,000 and earned $3.84 million on that deal, quickly exchanged 6 billion Shiba Inu for 325 billion PEPE.
Cryptocurrency influencer David Gokhshtein, a vocal supporter of meme cryptocurrencies like DOGE, SHIB, FLOKI, and now PEPE, recently tweeted that many people are offloading their NFTs at low prices to get their hands on PEPE. He noted that this presents an opportunity to acquire high-quality blue-chip NFTs at remarkably low prices.
PEPE’s recent popularity surge has not surprisingly caught the attention of market observers and investors alike. As more and more investors jump onboard the PEPE bandwagon, the meme coin could potentially challenge established rivals like SHIB and DOGE. However, it remains to be seen how long this enthusiasm will last, as the cryptocurrency market is notoriously unpredictable and prone to rapid changes in sentiment.
While it is unclear whether PEPE will be able to maintain its recent growth trajectory, it has undoubtedly turned the meme coin market on its head, breathing new life into a niche that had seemingly stagnated in recent months. Some experts believe that the popularity of meme coins such as PEPE points to a broader trend of investor disillusionment with traditional financial markets.
In the end, it is important to remember that investing in meme coins like PEPE carries inherent risks, not least because they often lack utility and can be highly volatile in nature. Prospective investors should approach these coins with caution and be aware of the potential pitfalls associated with trading in such speculative assets.
Nevertheless, PEPE’s recent success highlights the dynamic and rapidly evolving nature of the cryptocurrency market – and with listings on major exchanges like Binance, Huobi, and OKX, it appears that this latest meme coin craze isn’t going away any time soon.
