• PEPE Coin’s market capitalization has surged to over $1 trillion, making it the 45th largest digital asset.
• The crypto asset has seen a 900% increase in its price over the last seven days and a 60% jump during the last 24 hours.
• On-chain data reveals that traders have lost more than $10 million due to shorts taken on PEPE Coin.
PEPE Coin Surges Above $1 Trillion
PEPE Coin (PEPE) has been one of the best performing crypto assets lately, with its market cap surging above $1 trillion after another green day for the token. Over the past seven days, PEPE’s price has increased by 900%, while during the last 24 hours it jumped by 60%. As a result, PEPE is now ranked as the 45th largest digital asset on both CoinGecko and CoinMarketCap.
Traders Lose Money Due To Short Positions
The remarkable performance of PEPE continues at full steam after its valuation spiked by 60% again today. However, not all traders have benefited from this surge as Coinglass revealed that over 5,300 ETH worth of leveraged short positions were taken on PEPE; resulting in losses of more than $10 million for these traders.
Other Memecoins See little Movement
The hype around Pepecoin seems to be an isolated case since other memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (FLOKI) have not recorded any significant gains recently. Despite this, many investors are hoping that these coins will follow suit soon enough.
Binance Listing Boosts Price & Volume
The recent surge in Pepecoin’s price is believed to be driven by its listing on Binance earlier this week which caused an influx of new buyers into the token and boosted trading volume significantly. The high buying pressure caused by institutional investors is also thought to have contributed to Pepecoin’s rising price action.
Overall, Pepecoin’s meteoric rise shows no signs of slowing down anytime soon as its market cap surpasses $1 trillion mark today. With a promising outlook ahead and strong fundamentals behind it, only time will tell how far Pepecoin can go in 2021 and beyond!