PEPE coin triggered the meme coin hype earlier this month, amassing a market capitalization of $113 million in ten days.
Other top meme coins, such as Dogecoin and Shiba Inu, resorted to following Bitcoin’s cues despite Floki Inu charting its own path.
Rumors of Binance listing PEPE arose after the exchange published a buying guide for PEPE coin.
PEPE coin triggered the meme coin hype after a very long time when it launched on April 17. The sudden upsurge in investment and general interest in the cryptocurrency made it seem like such coins might command the market for the next couple of days.
However, not only did that fail to happen, these coins’ hype came to an end soon after.
PEPE brings meme coins into the spotlight but in a bad way
While PEPE coin did initiate the meme coin upsurge over the last two weeks, which failed to translate into growth for the already existing bunch of meme tokens. While PEPE countered the bearishness of the market on April 19 and the subsequent days, the likes of Dogecoin, Shiba Inu, Dogelon Mars and Baby Doge Coin all stuck to follow the broader market cues.
For a while, investors suddenly did turn bullish, and DOGE and SHIB noted an increase in investors. In the case of Dogecoin, the total number of investors holding a balance increased by close to 80,000 to 4.49 million in the span of a week, and the active addresses on-chain shot up to 107,000 against the average of 55,000.
