The altcoin currently trades at $0.000003097, experiencing a staggering 50 percent increase in the past 24 hours, while its market capitalization soars to $1.2 billion and its trading volume witnesses substantial growth.
Trading Volume Skyrockets: Only BTC and ETH Rival Its Performance!
Per data from the crypto analytics platform CoinMarketCap, PEPE token’s spot trading volume over the past 24 hours—excluding stablecoins like USDT and USDC—has exceeded $2.8 billion, marking the most substantial growth after leading cryptocurrencies such as Bitcoin and Ethereum. At the time of writing, Bitcoin’s 24-hour trading volume stands at $17.1 billion, with Ethereum’s trading volume reaching $10 billion.
Regarding the distribution of trading volume across exchanges, OKX generated the highest volume for the viral memecoin, amassing $650 million. While futures trading volume for the PEPE token is primarily concentrated on Binance, memecoin’s 24-hour futures trading volume trails only BTC and ETH with $1.4 billion.
As Binance lists PEPE, both spot and futures trading volumes are anticipated to escalate further. Market analysts predict a short-term increase in liquidity for PEPE and an ensuing surge in the memecoin’s trading volume.
$8 Million Worth of PEPE Tokens Eternally Imprisoned
On May 5th, cryptocurrency enthusiast 0xCygaar divulged amusing facts about Pepe’s smart contract code on Twitter, revealing that nearly $8 million worth of PEPE tokens had been locked indefinitely. This curious development transpired when Pepe’s distributor blacklisted wallet address 0xAf2358e98683265cBd3a48509123d390dDf54534, which currently holds a total of 2,519,324,010,963 PEPE tokens valued at $8 million. Intriguingly, these tokens will remain confined to the wallet address in perpetuity.
Regarding the locking process, 0xCygaar stated, “The blacklisted wallet address procured PEPE within hours of the Uniswap trading pair’s launch. Pepe blacklisted the wallet address a mere 8 minutes after the token acquisition. No other addresses were blacklisted.”
This blacklisted wallet address’s status is immutable since the contract’s ownership has been relinquished. 0xCygaar also noted, “There once existed a minimum and maximum token quantity that a wallet address had to maintain to purchase from the Uniswap pair. This threshold was eliminated just before the distributor renounced ownership.”
Conversely, while Pepe’s smart contract permits the utilization of a minting function, it is configured in a manner that precludes the use of a new coin minting function.
