- Binance allowing users to borrow against PEPE tokens might have contributed to the surge.
- Daily active addresses spiked to a 25-day high.
Frog-themed meme coin Pepe [PEPE] witnessed frantic trading activity in the last 24 hours.
The asset pumped nearly 20% during the U.S. trading hours on 4th November, shrugging off a shaky start to the day during which it fell more than 8%, AMBCrypto discovered using CoinMarketCap’s data.
The wild swings in market value attracted traders in hordes.
The daily trading volume increased fourfold from the previous day to more than $438 million, as per data fetched by AMBCrypto from Santiment.
Source: Santiment
Could this be the catalyst?
While the surge could be easily attributed to the market-wide optimism on cryptos, developments specific to PEPE might also played a big role.
World’s largest crypto exchange Binance [BNB] announced a new promotion for Binance loans, as part of which any token can be borrowed from the exchange while holding PEPE as collateral.
The promotion period would last till the end of the month. The first 800 users who borrow at least 30 Tether [USDT] equivalent of any token would become eligible for rewards up to 10 million in PEPE, the blog post read.
Naturally, the allure of rewards prompted investors to accumulate PEPE tokens, causing a spike in its price.
However, not everyone was waiting for rewards. Few traders started profit-taking, breaking PEPE’s momentum and causing it to slide to $0.000001371 as of press time.
But this was not before the network got busier. The number of unique addresses involved in PEPE transfers spiked to a 25-day high, as per Santiment data.
Source: Santiment
PEPE continues to grow despite…
PEPE was a departure from the numerous dog-themed tokens that dominated the market. The crypto exploded 10x within days of its launch, attracting a swarm of profit-hungry traders.
Interestingly, PEPE doesn’t have any intrinsic value or expectation of financial return, according to its official site.
Read PEPE’s Price Prediction 2023-24
However, it continues to outperform meme coins like Floki [FLOKI] in market value which have arguably more to offer in terms of real-world utility.
According to CoinMarketCap, PEPE was the third-largest memecoin, with a market cap of over $566 million, 58% higher than next-best FLOKI.
