PEPE memecoin hits $1 billion market cap fueled by Binance listing

A new memecoin called Pepe, drawing both its namesake and likeness from the iconic “Pepe” meme, has surged by over 85% in the last 24 hours to surpass a $1 billion market cap.

largely due to the vocal support for the token espoused by eccentric billionaire Elon Musk on Twitter.during the 2021 crypto bull market after using Dogecoin as a springboard for its popularity.

Due to the lack of any underlying fundamentals, investment in memecoins is extremely high risk and they are notorious for extreme volatility and major swings in value. A closer look at some of the on-chain activity from Pepe insiders points to some concerning trades.According to data from the blockchain analytics service Lookonchain, five addresses allegedly linked to the Pepe team made a $1.23 million profit in a thin liquid market. They purchased 8.

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