PEPE Token Holder Count Continues to Rise Despite Falling Prices
Despite experiencing a significant decline of 78% from its May 2023 peak, the PEPE token has seen a notable increase in the number of token holders. As of June 19, there are now 119,229 unique addresses holding the token, according to Etherscan data. This rise in token holders comes amidst the falling prices of the meme-based token, which has faced volatility in the #cryptocurrency market.
PEPE: The Meme Token with Rising Interest
PEPE is a meme token inspired by the popular #pepe the Frog meme, created by Matt Furie in 2005. Since its launch in late April 2023, the token gained significant recognition as a meme coin and witnessed rapid price growth. It quickly climbed the market cap rankings and secured a position within the top 100 cryptocurrencies.
Current Market Position and Fragile Prices
As of June 19, PEPE currently holds the 89th position in terms of market capitalization, with a value of $364,936,703 according to CoinMarketCap. However, the token has experienced a significant decline of 78% from its peak price in May 2023. The market for PEPE remains volatile and prices are susceptible to fluctuations.
Token Holder Count as a Measure of Interest and Adoption
Despite the falling prices, the number of PEPE token holders continues to rise. In the cryptocurrency space, the token holder count is often considered an indicator of interest and adoption. A higher token holder count suggests strong community support, which can be influential in determining the success of a project. However, in the case of PEPE, token holders are primarily speculative, as the coin has no utility and is deflationary.
PEPE's Lack of Utility and Speculative Nature
PEPE's homepage explicitly states that the token has no intrinsic value or expectation of financial return. It lacks a formal team or roadmap and is designed purely for entertainment purposes. As an #ERC-20 token on the #Ethereum blockchain, PEPE can be purchased on various platforms, including Binance, KuCoin, Uniswap, and decentralized exchanges.
Binance Delisting PEPE from Flexible Loan Program
In response to increasing regulatory scrutiny, Binance, a prominent cryptocurrency exchange, announced plans to delist PEPE as a borrowable asset from its Flexible Loan program. The delisting will be effective from June 21 and will involve the cancellation of any open PEPE loan holdings. Binance urges users to settle any outstanding debts related to PEPE and warns of a 2% charge for accounts facing liquidation.