PEPE Price Down Near 80% but Users Rising Despite Binance Delisting
Why is number of PEPE holders rising? | Credit: Shutterstock
- PEPE prices are down 78% from their highs in May 2023, but holders retain an upward trend
- Binance Flexible Loan will close all outstanding PEPE loan positions on June 21
- Pepe Coin has made significant progress and is now listed on the largest cryptocurrency exchanges
While token holders are increasing, PEPE is down 78% from its May 2023 levels, but even though it has been delisted from the Binance Loan program, according to data from Etherscan as of June 20, there are now 119,259 distinct addresses holding the coin – an increase from early June.
The Pepe the Frog meme, which Matt Furie created in 2005, is the basis for the meme token.
Falling Prices and Growing Number of Token Holders
In the month following its inception in late April 2023, the token significantly increased in popularity as a meme coin and saw an exponential rise in price.
The token quickly advanced in the market cap list, earning a spot in the top 100, thanks to rising prices and the meme coin culture supplying positive forces.
According to CoinMarketCap , as of June 20, PEPE is ranked 89th with a market cap of $363,667,549. PEPE prices are still unstable and are down 78% from their highs in May 2023.
PEPE holders retain an upward trend despite declining prices. With more than 119,200 holders, users seem eager to assemble.
PEPE Still Proving Popular
Token holder count is a popular metric for gauging interest and acceptance in the crypto world. Higher token holder counts can be used to identify projects that have successful community backing.
It may also represent the degree of usefulness and acceptance. Given their use in remittance, decentralized finance (DeFi), and other areas, stablecoins like USDT have large token holder counts.
Since PEPE has no practical function but is deflationary, token holders mostly engage in speculation. PEPE is a meme coin with no intrinsic worth or expectation of financial gain, according to Pepe’s homepage . Neither a formal team nor a roadmap exist. The coin serves simply as entertainment and is “absolutely useless”.
PEPE is an ERC-20 Ethereum token that can be purchased on sites like Binance, KuCoin, Uniswap, and other decentralized exchanges.
Several cryptocurrency exchanges, including Binance, have offered the token’s derivatives concurrently. Binance started supporting the token on its Innovation Zone and offering PEPE’s perpetual futures in early May 2023.
PEPE to Be Delisted from Binance Flexible Loan Program
The biggest cryptocurrency exchange platform in the world, Binance, recently declared that PEPE would no longer be eligible for its Flexible Loan program as a borrowable asset.
The move, which will go into effect on June 21, has the cryptocurrency community humming with rumors and worries about what will happen to the meme coin. Let’s examine the ramifications of this development and what they might entail for hodlers—PEPE investors—as well as the larger cryptocurrency market.
According to the announcement, on Wednesday, June 21, PEPE will be removed from Binance’s Flexible Loan program, dealing a serious thwack to the coin’s once-famous meme status. PEPE had rapid growth, grew in acceptance and prominence, and in a short period of time after its April launch, broke into the top 100 cryptocurrencies by market capitalization.
But in recent weeks, there has been a significant sell-off, with up to 90% of the gains made since the beginning being lost. The delisting of PEPE by Binance is a sign that the token’s appeal has waned and that it is no longer seen as compelling or viable.
Avoiding Insolvency
To reduce the chance of a direct liquidation, Binance is advising its users to pay off any outstanding PEPE loans as soon as possible. Users may be charged a 2% liquidation fee if they don’t pay back their debts.
This step highlights the platform’s dwindling faith in PEPE’s long-term viability, even if Binance continues to facilitate the payback of funds in the same currency. It serves as a strong reminder to both holders and borrowers to carefully assess their circumstances and take appropriate action.
What are Possible PEPE Prospects
PEPE’s relapse makes it uncertain whether it can rise again and reclaim its former glory. The popularity of other meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have broadened their product offerings to include payment options and smart contract development, emphasizes the demand for creativity and adaptability in the meme currency industry.
PEPE’s core developers must come up with a strategic strategy to revitalize the community and provide distinctive features that set it apart from its rivals if they are to remain relevant.
Impact on Crypto Ecosystem
The crypto community is shocked by Binance’s decision to remove PEPE as a borrowable asset from its platform, since some people still think the cryptocurrency can recover from its recent downturn. The action emphasizes the erratic character of these speculative assets and casts doubt on the long-term viability of meme currencies in general.
Following the recent PEPE-led meme coin mania, investors and traders may become more selective and circumspect when contemplating meme coins as prospective investment prospects. This development also underscores how important it is to do your homework before investing in any cryptocurrency, especially those linked to internet culture or viral movements.
Pepe Coin (PEPE) has a value of $0.000000927 at the time of writing, with a sizable 24-hour trading volume of $85,752,037. Pepe Coin (PEPE) maintains its strength and solid position in the market despite a modest loss of 0.47% during the past day.
Pepe Coin (PEPE) stands to gain from the rising demand for and adoption of meme coins as long as the meme culture is alive and well, strengthening its position in the market.
Conclusion
The meme coin, previously seen as a rising star in the cryptocurrency world, has suffered a big setback as a result of Binance removing PEPE from its Flexible Loan program. The action serves as a sobering lesson for investors and “hodlers,” reminding them of the dangers involved in following viral trends.
It will be interesting to see if PEPE can reinvent itself and regain the popularity and excitement it formerly enjoyed. In the end, the delisting of the digital token ought to cause the cryptocurrency community to pause and consider the long-term sustainability and profitability of meme coins in general.
