PEPE Coin Trading Volume the Largest after BTC and ETH, $8M Worth of Coins Locked

Bhushan Akolkar
May 6, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
PEPE Price Rally: Smart Trader Nabs 1200% Profit Trading Pepe Coin

Memecoin PEPE is among the latest to drive a massive frenzy among crypto investors with a massive price rally over the last week. Over the last 24 hours, PEPE is trading at 50% gains trading at $0.000003097 with its market cap shooting to $1.2 billion.

As per the data from CoinMarketCap, the spot trading volume of PEPE Coin in the last 24 hours has crossed which is the largest after public cryptocurrencies alike Bitcoin and Ethereum, barring stablecoins like USDT and USDC.

If we look at the exchange breakup, the crypto exchange OKX contributed the largest trading volume of $650 million. The futures trading volume has been largely concentrated on Binance, while the trading volume in the last 24 hours is $1.4b, second only to BTC and ETH.

As we reported yesterday, crypto exchange Binance plans to list PEPE Coin in the innovation zone and start spot trading from May 5. This would be a massive influx of liquidity into PEPE and could drive further price rallies for the crypto asset.

$8 Million Worth of PEPE Coins Locked

Crypto enthusiasts @0xCygaar recently shares some fun facts about PEPE’s contract code, noting that nearly $8 million worth of coins have been locked forever.

The contract address 0xAf2358e98683265cBd3a48509123d390dDf54534 has been blocked by the PEPE deployer, and this address owns a total of 2519324010963 tokens worth a staggering $8 million USD as of the current price. However, these coins have been locked forever. The crypto enthusiast, @0xCygaar explains:

The blacklisted address purchased $PEPE within a couple hours of the Uniswap pair being launched. They were blacklisted by the PEPE deployed 8 minutes after purchasing the tokens. No other address has been blacklisted.

These blacklisted addresses can never be modified since the ownership of the contract has been renounced. 0xCygaar further explains: “There was once a minimum and maximum token amount that an address needed to follow before it could purchase from the Uniswap pair. This threshold was removed right before the deployer renounced ownership”.

Although there’s a burn functionality available in the contract, there’s no further minting functionality available.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.