PEPE holders plateauing after meme coin listing on Binance
The number of pepe coin (PEPE) holders has flat-lined, reading from Etherscan data on May 7.
PEPE, a meme coin that has zero utility but is meant to build on the legacy of “Pepe the Frog”, is one of the hottest tokens, reading from the general interest of the crypto trading community.
PEPE is rallying, number of holders plateauing
The meme coin has surged over 1,200% in the last week alone, outperforming popular coins like bitcoin (BTC) and ethereum (ETH). Despite the significance of these currencies and their position in the crypto leaderboard, they have been stagnant, even falling in recent days.
Instead, PEPE has spearheaded the impressive performance of meme coins, surging above 1,200% in the past trading week. The spike also saw PEPE’s market capitalization rise above $1b following the token’s listing on Binance’s Innovation Zone and derivatives exchange.
However, there could be concern about the token’s prospects in the coming days. Of note, the number of holders keen on holding PEPE tokens has plateaued. Etherscan data shows that as of May 5, there were 105,385 PEPE holders, a slowdown. The number has contracted slightly over the weekend.
This flat-lining is unlike the rapid expansion in the number of holders from mid-April 2023. Some observers note that this is because of PEPE’s listing on Binance.
Earlier, users had to purchase the token and store them on their non-custodial wallets like MetaMask before exchanging them on Uniswap, a decentralized exchange.
As of April 23, for example, there were roughly 41,000 PEPE holders, which rose by over 2x to over 105,000 in early May.
The positive uptrend coincided with PEPE’s rising popularity, further pushing prices to record levels. Before then, PEPE, whose creators remain anonymous and holders aware that the coin has no utility, had been listed mainly on Uniswap.
PEPE listing on Binance
However, last week, Binance said it would add FLOKI and PEPE to its Innovation Zone.
At the same time, Binance listed PEPE, adding it to its derivatives exchange for traders to post positions using leverage. Crypto.com, another centralized exchange, also announced the launch of PEPE perpetual futures.
As of writing on May 7, more users prefer trading PEPE on Binance as the associated market share stands at 19.21%, according to CoinMarketCap, a coin tracker. PEPE trading is still popular on Uniswap v3, where the token is paired against wrapped ethereum (WETH).