Pepe (PEPE), a newly-launched meme coin, has recently hit an all-time high, surging over 130% in the last 24 hours and surpassing a market cap of $1 billion. This surge can be attributed to the coin’s recent listing on Binance, the world’s largest cryptocurrency exchange.
Despite its impressive market cap, it’s important to note that Pepe, like other memecoins such as Dogecoin and Shiba Inu, has no intrinsic value or expectation of financial return. The token’s official website even states that it is completely useless and only intended for entertainment purposes.
At the time of writing, Pepe is trading at $0.000003888, marking a 135% increase in the past 24 hours. It’s worth noting that the memecoin craze has previously caused Ethereum gas prices to skyrocket, with gas fees reaching almost 81 gwei at the end of April. The frenzy has also impacted smaller coins, such as CHAD.