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On May 1, the cryptocurrency exchange OKX revealed its intention to list the memecoin Pepe (PEPE) at 17:00 Hong Kong Time (HKT) and to enable Pepe withdrawals on May 2 at 17:00 HKT. In support of this listing, OKX personnel stated:
“Pepe the Frog is a cartoon character and internet meme created by cartoonist Matt Furie. Pepe was designed to be a green frog with a human-like body; this is one of the most popular memes in the world.”
Multiple cryptocurrency exchanges, such as MEXC Global, Bitget, Gate.io, and Huobi, introduced Pepe trading pairs two weeks earlier, igniting what seems to be a trading frenzy. The token has experienced a 2,340% increase since April 17 and is currently trading at $0.000001223 each at the time of publication. Following the announcement of the OKX listing, Pepe’s price has risen by over 50% in the last 24 hours.
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Developed on the Ethereum blockchain by anonymous creators, the Pepe token was established, according to CoinMarketCap, “as a tribute to the Pepe the Frog internet meme,” aiming to leverage the popularity of memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE).
In 2021, DOGE experienced a rise of over 23,000%, partly due to the vocal endorsement of the coin by American entrepreneur Elon Musk on social media. Likewise, SHIB saw an increase of over 1,250% during the 2021 cryptocurrency bull market, gaining momentum from its association with the Dogecoin token. Despite the recent surge, OKX personnel noted in its announcement regarding the Pepe listing:
“Digital assets are innovative investment products with high price fluctuations and risks. Before investing, [OKX] hopes you have a full understanding of digital assets, rationally judge your investment ability, and make investment decisions prudently.”
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