O memecoin$PEPE has unlocked a new market in Japan by becoming the first memecoin to be listed on Japanese cryptocurrency exchanges. BITPoint, a Tokyo-based cryptocurrency exchange, listed the digital asset on Oct. 30 across multiple derivatives such as spot trading, lending, and fixed investment savings on the exchange.
BITPoint launches gift campaigns for PEPE investors
The exchange has created two campaigns to make the listing more attractive to investors. The first campaign involves a random distribution of PEPE coins worth 100,000 yen to ten investors who purchase PEPE worth 10,000 yen or more. The second campaign will include a program for followers of the BITPoint X account maintained until November 27.
PEPE is a memecoin inspired by Pepe the Frog, a comic book character and internet sensation designed as a green anthropomorphic frog with human-like features. According to CoinMarketCap, the memecoin is trading at $0.000009521 with a 24-hour trading volume of $700 million.
The memecoin’s price has remained largely unchanged over the past 24 hours, but has fallen 5% over the past seven days. PEPE is ranked 24th on CoinMarketCap’s list of top cryptocurrencies by market cap.
The memecoin ecosystem continues to grow
The broader memecoin ecosystem has grown significantly since the launch of the world’s first memecoin in December 2013. The memecoin frenzy has benefited network platforms like $SOL . Most of the memecoin activity on the Solana blockchain has occurred around Solana’s DeFi protocols.
Solana’s memecoin frenzy has driven the network’s on-chain activity to a record high, with daily network revenues surpassing $4 million. Data from Token Terminal shows that Solana’s daily network revenue from fees peaked at $4.8 million on Oct. 24 before falling to $2.5 million on Oct. 27. On Oct. 29, recorded fees totaled $3.8 million.
Other blockchains, such as $TON (The Open Network), have also experienced the memecoin craze. The TON blockchain has experienced two outages and outages due to heavy traffic from the memecoin hype surrounding the minting of the DOGS token.
Tron’s memecoin launchpad, SunPump, also witnessed a surge in activity in August this year. The smart contracting platform raised over $1 million in revenue, outperforming other blockchains like Ethereum and Solana. Data from Dune Analytics shows that SunPump has witnessed over 91,000 total token creations so far.
Binance, the world’s largest cryptocurrency exchange by trading volume, has listed popular memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF). While more memecoins continue to be launched, Dogecoin remains the largest memecoin with a market cap of $25.45 billion. Shiba Inu follows Dogecoin with a market cap of $11.06 billion, while Pepe is in third place with a market cap of $4 billion.
