PEPE Down 78% From May Peaks But Holder Count Rising
While PEPE is down 78% from its May 2023 peaks, token holders continue to rise. As of June 19, there are now 119,229 unique addresses holding the token, an increase from early June, Etherscan data shows.
The meme token is based on Pepe the Frog meme, created by Matt Furie in 2005.
Falling Prices, Rising Token Holder Count
The token gained substantial recognition as a meme coin and enjoyed exponential price growth a month after launching in late April 2023.
With surging prices and the meme coin culture providing tailwinds, the token soon rose higher in the market cap ranking, securing a position in the top 100.
As of June 19, PEPE is perched at 89th position with a market cap of $364,936,703, according to CoinMarketCap. PEPE is down 78% from May 2023 peaks, and prices remain fragile.
Despite falling prices, PEPE holders continue to maintain an upward trend. With over 119,000 holders, users appear keen on accumulating.
In crypto circles, token holder count can be used to measure interest and adoption. Projects with a higher token holder count can be used to indicate strong community support, which can translate to success.
It can also indicate the level of utility and adoption. Tokens like USDT, a stablecoin, have high token holder counts considering their role in decentralized finance (DeFi), remittance, and more.
In the case of PEPE, token holders are mostly speculating because the coin has no utility but is deflationary. An extract from their homepage reads:
PEPE is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.
PEPE is an ERC-20 token on Ethereum and can be bought on platforms like Binance, KuCoin, Uniswap, a decentralized exchange, and others.
At the same time, the token’s derivatives have been listed on several cryptocurrency exchanges, including Binance, which began supporting the token on its Innovation Zone while listing PEPE’s perpetual futures in early May 2023.
Binance To Delist PEPE From Flexible Loan Program
Following increasing regulatory scrutiny, Binance announced plans to delist PEPE as a borrowable asset from their Flexible Loan program. The delisting would take effect on June 21 and also coincide with the cancellation of any open PEPE loan holdings.
Binance strongly encourages its users to settle any outstanding debts related to PEPE. Accounts that face liquidation will incur a 2% charge, where applicable. The exchange has assured borrowers that it will accept repayment in the same currency.
Feature Image From Canva, Chart From TradingView
Source: NewsBTC.com
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