Although PEPE is down 80% from its peak in May 2023, the number of token holders continues to increase. Data shows that as of June 19, there are now 119,229 unique addresses holding the token, an increase from early June.
The token gained widespread recognition as a meme coin and saw exponential price growth a month after its launch in late April 2023.
With the surge in price and the boost from the memecoin culture, the coin soon rose up the market cap rankings to enter the top 100.
According to CoinMarketCap, as of June 19, PEPE is ranked 89th with a market cap of $364,936,703. PEPE is down 78% from its peak in May 2023 and its price remains fragile.
Despite the price drop, PEPE holders continue to trend upwards. With over 119,000 holders, users appear to be keen on accumulating.
In crypto circles, the number of token holders can be used to measure interest and adoption. Projects with a large number of token holders can be used to indicate strong community support, which can translate into success.
It can also indicate the level of utility and adoption. Given the role that tokens like USDT (a stablecoin) play in decentralized finance (DeFi), remittances, etc., they have a large number of token holders.
In the case of PEPE, token holders are mostly speculating as the token has no utility but is deflationary. An excerpt from their homepage is as follows:
PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The token is completely useless and is for entertainment purposes only.
PEPE is an ERC-20 token on Ethereum and can be purchased on platforms such as Binance, KuCoin, Uniswap, decentralized exchanges, etc.
Meanwhile, derivatives of the token have been listed on several cryptocurrency exchanges, including Binance, which began supporting the token on its Innovation Zone while listing perpetual futures for PEPE in early May 2023.
Binance removes PEPE from its flexible lending program
As regulatory scrutiny intensifies, Binance announced plans to remove PEPE as a borrowable asset from its flexible loan program. The delisting will take effect on June 21, and will also remove any public PEPE loan holdings.
Binance strongly encourages its users to settle any outstanding debt related to PEPE. Accounts facing liquidation will be charged a 2% fee (if applicable). The exchange has assured borrowers that it will accept repayment in the same currency.
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.