Key Takeaways:
- Meme token Pepe rallied to a new ATH in May.
- Binance listed the PEPE token, helping propel the token’s price.
NEW DELHI (CoinChapter.com) — Pepe Coin, the meme token that started the recent meme coin frenzy, made excellent gains in May. The frog-based meme token charted a new ATH in May, breaking the previous record it set less than a week back.
PEPE price rose to an ATH of $0.000004261 on May 5, rising 361% from May 1’s low of $0.0000006261. However, profit booking resulted in the meme token’s price dropping over 43% to a low of $0.000002395 on May 8.
PEPE coin price has outperformed several other digital assets, including its peers born during April’s memecoin frenzy. The Pepe token has gained more than 7,270% from its launch price to reach its ATH on May 5.
However, exit liquidity concerns continue to cast a shadow on the token, despite traders earning over 5,000,000% in profits. Most PEPE whales are traders that routinely buy massive amounts of similar meme coins during their launch and sell them when the price is relatively high.
Binance Announces Pepe Coin Listing
Meanwhile, the fuel behind the PEPE coin price’s rally to its new ATH was likely the listing announcement from Binance.
Binance announced the listing of Pepe coin and Floki on its Innovation Zone platform, which allows traders exposure to new tokens that are likely to have more volatility and higher risk. The world’s largest exchange would list two spot trading pairs for PEPE – PEPE/USDT and PEPE/TUSD.
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Trading for the tokens was supposed to begin on May 5 at 16:00 (UTC).
However, technical difficulties resulted in Binance temporarily suspending PEPE deposits for four hours. Binance assured users that their funds were safe while noting that it would credit any users’ previous deposits after the issue was resolved.
Later, Binance announced the tokens’ listing “back online.“
Furthermore, traders speculate about a likely Coinbase listing for PEPE coin after the exchange created a “how to buy PEPE?” page on its website.